'Orderly' bankruptcy considered for auto industry - KWWL - Eastern Iowa Breaking News, Weather, Closings

'Orderly' bankruptcy considered for auto industry

WASHINGTON (KWWL) - Treasury Secretary Henry Paulson said the Bush administration is looking at what he terms an "orderly" bankruptcy as a possible way to help save the skidding U.S. auto industry.

Paulson said bankruptcy is an option to be avoided if possible but that an orderly reorganization might be the best way to stave off collapse Thursday in New York.

But the Big Three automakers said that bankruptcy isn't the answer.

And an official of the United Auto Workers calls the idea unworkable and even dangerous.

President George W. Bush has said he hasn't decided what to do but doesn't want to leave a mess for President-elect Barack Obama.

Online Executive Producer Nate Leding

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