It may be too late for Chryslers secured creditors and if GMs lenders cannot reach an agreement, they may face a similar fate.
That would establish a terrible precedent. Bankruptcy exists to sort legal claims on assets. If it becomes a tool of social policy, who will then lend to struggling firms in which the government has a political interest?
Source:
http://www.economist.com/displayStory.cfm?story_id=13610871
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