Obama Team Said To Be Considering ‘Pre-Packaged’ Bankruptcy For Automakers
Bankruptcy Would Be Vacuum-Packed, Require Stirring After Two Minutes In Microwave
With Congress stepping over the automakers as they sit on the sidewalk with their hand-lettered ‘Will Raise Fuel Economy For Food’ signs, the Obama transition team is said to be considering a new solution to the problem. Reports confirm Obama advisers are looking into the option of “pre-packaged” bankruptcy for the auto companies.
Pre-packaged bankruptcy is a streamlined form of Chapter 11 whereby a company formulates a business plan and goes into “court with financing ready after reaching agreements with lenders, workers and suppliers on what each would give up.”
Analysts note that auto companies are unlikely to be successful with this plan because they haven’t been able to streamline anything for years.
Pre-packaged bankruptcy does have a number of benefits. It is quicker to heat and serve than regular bankruptcy and can be found in the frozen food section of most supermarkets.
Critics claim that pre-packaged bankruptcies contribute to childhood obesity and frequently feature a higher calorie count and more salt than an organic Chapter 11.
In other news, pre-packaged bankruptcy will be the key ingredient on the next episode of Iron Chef.
-
Iron Chef Flay rustles up a quick-and-easy bankruptcy…
-
Photo credit: EveryStockPhoto.com
-
