Quote:
Originally Posted by Prowess Symphony
Im not following the story too closely, but I thought that the loans, if given, were conditional. That the big three had to outline their strategies for the coming years.
The biggest problem is the loss of jobs. Its a tough place the big three have gotten themselves into. They need loans, while trying to turn business around, without costing millions of Americans their jobs. Either way is a horrible situation that they got themselves into.
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Outside of bankruptcy there is no way to force a bond holder to take less the 100 cents per dollar. Outside of Bankruptcy there is no way to restructure dept if the holder chooses not to. Outside of bankruptcy a Union contract cannot be waived or altered unless it's ratified by it's members.