"As we will explain below, the notion of a "quick and surgical" bankruptcy for GM, and probably Chrysler too, is a fantasy. GM would be the most complicated bankruptcy ever. It simply isn't amenable to a prepack or a fast track variant. In fact, somme bankruptcy experts think a Chapter 11 restructuring simply isn't possible and a filing would morph in the courthouse into a liqidiation. That in turn would take out many suppliers, and many of the foreign transplants too."

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