GM, Chrysler Consider Bankruptcy

GM and Chrysler are said to be considering a pre-arranged bankruptcy in order to get a bailout from Congress.

(WXYZ) - There's word GM and Chrysler are working on a pre-arranged bankruptcy plan.
It would be a last resort for securing a bailout from Congress.
Right now, it appears the Senate doesn't have enough votes to pass a bailout for the Big 3.
The talks are set to get underway Thursday morning.

This is according to Bloomberg.com. Auto executives have warned bankruptcy would lead to liquidation as customers abandoned the companies. Staff for three members of Congress have asked restructuring experts if a pre- arranged bankruptcy -- negotiated with workers, creditors and lenders -- could be used to reorganize the industry without liquidation, a person familiar with that matter said.