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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Bankruptcy pressure mounts as officials visit Detroit AFP - Tuesday, March 10 DETROIT, Michigan (AFP) - - The US government's "working group" on the automobile industry was in Detroit Monday for talks with General Motors, Chrysler and their main union as pressure mounted to let the troubled automakers fail. ADVERTISEMENT An administration official who spoke on condition of anonymity said the aim of the meetings was to try to chart the best way to restructure the two companies. A "prepackaged" bankruptcy is one of the options under consideration. The meetings came days after GM's auditors voiced "substantial doubt" about the struggling automaker's ability to survive a collapse of global auto sales amid a deepening recession. Chief executive Rick Wagoner has repeatedly warned that the largest US automaker would likely be unable to survive a bankruptcy filing because consumers would be unwilling to buy GM's vehicles. GM is funding its operations with 13.4 billion dollars in emergency loans from the US government and said last month it would need an additional 22.6 billion in government aid if it is to survive. GM and Chrysler appeared closer to obtaining key concessions from the United Auto Workers union Monday after workers at Ford ratified a deal to cut labor costs and save the company billions of dollars in health care costs. A similar agreement is expected shortly at GM and Chrysler because the UAW union maintains similar contracts at each of the Detroit Three, although the union signaled that it may come at a price. "We are focused on doing everything possible to rebuild a great industry and keep manufacturing jobs in the United States," UAW president Ron Gettelfinger said in a statement announcing the ratification at Ford. "As we have stated many times, in order to succeed, shared sacrifice will be required from all stakeholders, including executives, directors, shareholders, bondholders, dealers and suppliers." However, two top Republican senators on Sunday said bankruptcy was GM's best path to long-term recovery. "I think the best thing that could probably happen to General Motors, in my view, is they go into Chapter 11," John McCain, President Barack Obama's vanquished foe in last year's election, told "Fox News Sunday." "They reorganize, they renegotiate their union-management contracts and come out of it a stronger, better, leaner and more competitive automotive industry," he said. Richard Shelby, the top Republican on the Senate's banking committee, said the government should stop propping up the US auto industry as well as giant banks such as Citigroup. "Subsidization of anything for very long never works," he said on ABC's "This Week." "The automobile business, those companies, Chrysler, Ford, and General Motors, they're in deep trouble. We know that. I've suggested they go into Chapter 11. That's where they belong. "And they could reorganize. We could get money in place for them. We could do it if they did it and did it right. Short of that, the UAW will run those companies and run them into the ground." GM said in a statement that it was "pleased to host the Task Force so they could experience firsthand the new products and technologies that are an integral part of GM's near- and long-term competitiveness." "We look forward to continuing to support the efforts of the Task Force as they move quickly to address their critical tasks." Chrysler, which has said it needs another five billion dollars in emergency loans on top of the four billion awarded in December, said it looks forward to "continuing our dialogue." "We're fully engaged with the Presidential Task Force on the Auto Industry, the US Treasury and the White House during this process of ensuring the industry's viability going forward," the automaker said in a statement. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Ford vehicles are seen on the sales lot at the Metro Ford dealership in Miami, Florida. Workers at Ford Motor Co. have ratified cost-cutting changes to their contract and health care benefits, the United Auto Workers union said Monday. 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