Automakers Dismiss Bankruptcy as Obama Aide Won’t Rule It Out - Bloomberg

and ChryslerLLC, seeking up to $21.6 billion in additional federal aid tosurvive, said bankruptcy may cost the U.S. five times as much.

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The two automakers, in their most detailed exploration ofbankruptcy, said it could cost taxpayers as much as $110 billionto finance the companies’ Chapter 11 restructurings. In separatefilings to the Treasury Department yesterday, they said filingmay lead to liquidation, potentially costing millions of jobs. Bankruptcy “would create unbearable stress not only for oursuppliers, but also the suppliers of other automakers,” ChryslerChief Executive Bob Nardelli said in a conference call withreporters. “It would have a cataclysmic effect on the entireauto industry.” President Barack Obama’s chief spokesman refused to rule outthe possibility of the automakers restructuring throughbankruptcy.

Full Story: Automakers Dismiss Bankruptcy as Obama Aide Won’t Rule It Out - Bloomberg