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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: Obama offers tough love to US car giants AFP - Wednesday, April 1 WASHINGTON (AFP) - - President Barack Obama has offered the foundering US auto sector a dose of tough love, vowing to save what he called a "pillar" of the US economy but warning bankruptcy might be the only solution. ADVERTISEMENT "We cannot, we must not, and we will not let our auto industry simply vanish," Obama declared on Monday after a White House task force issued a hard-hitting report faulting recovery plans drafted by auto giants General Motors and Chrysler. "It is a pillar of our economy that has held up the dreams of millions of our people . "But we also cannot continue to excuse poor decisions. And we cannot make the survival of our auto industry dependent on an unending flow of tax dollars." If GM and Chrysler cannot come up with viable plans, they may need to use the bankruptcy process "as a mechanism to help them restructure quickly and emerge stronger," Obama said. Bankruptcy reorganization, under an approach known as Chapter 11, would mean that the firms, "with the backing of the US government," can "quickly clear away old debts that are weighing them down." Howard Wheeldon, an analyst with BSG Brokers in London, said Tuesday that "if you want radical change at GM there is probably no other alternative to bankruptcy." He added that the president's measures and directives could be "purely to facilitate an orderly wind-down ahead of the move in Chapter 11 bankruptcy." "The threats made by Obama yesterday are real enough -- the government is just not interested in throwing good money after bad." Obama on Monday staged a dramatic intervention in the gathering crisis at GM, calling successfully for the removal of company chairman and chief executive Rick Wagoner . The recovery measures proposed by GM and Chrysler "did not establish a credible path to viability," the presidential task force later concluded, warning that neither had met strict conditions laid out in a 17.4-billion-dollar government bailout agreed late last year. The two companies are now seeking an additional 21.6 billion dollars in government aid, which will only be forthcoming if they submit more realistic plans. GM was granted 60 days "to develop a more aggressive restructuring plan and a credible strategy," while Chrysler, deemed unable to stand alone, was told to secure a partnership with Italy's Fiat by April 30. GM said it maintained a "strong preference" to stay out of bankruptcy court and pledged to "take whatever steps are necessary to successfully restructure the company, which could include a court-supervised process." The New York Times reported on Tuesday that the company could shed its gas-guzzling Hummer brand of vehicles. Sales of the big sports utility vehicle fell 51 percent last year, the steepest drop in the US auto industry, as consumers struggling with debt and joblessness lost their appetite for such wagons. The administration said it would provide Chrysler with "working capital for 30 days to conclude a definitive agreement with Fiat and secure the support of necessary stakeholders." If that succeeds, the government "will consider investing up to the additional six billion dollars requested by Chrysler." Chrysler and Fiat signed a preliminary accord in January to form an alliance under which Fiat would initially take a 35 percent stake in Chrysler, a share that could rise to 55 percent. While Fiat would pay nothing, it agreed to provide Chrysler with access to its technology. The tie-up would give Chrysler access to Fiat's platforms, components and engines in order to launch smaller, more economical new models. Fiat boss Sergio Marchionne, credited with having rescued the company when it was near collapse on 2004, left Tuesday for Detroit for meetings with Chrysler and US government officials in Washington. The announcement sparked an 8.53 percent surge in Fiat's share price early Tuesday to 5.18 euros in overall market trading that was up only 0.98 percent. The price had plunged more than 9.0 percent on Monday amid investor fears of unforeseen risks posed by the tie-up. The US overture to Fiat has also triggered an upsurge in national pride in Italy, with the request for help seen as recognition of Italian industrial prowess. Email Story IM Story Printable View Blog This Recommend this article 1 user recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Obama's Presidency Obama team seeks seat on UN rights bodyAFP - 1 hour 5 minutes ago US to seek seat on UN Human Rights CouncilAP - 2 hours 21 minutes ago Obama offers tough love to US car giantsAFP - Wednesday, April 1 US won't hunt militants over Pakistan border: ObamaAFP - Tuesday, March 31 Enlarge Photo The General Motors world headquarters building is shown behind a homeless person's shanty in Detroit, Michigan. President Barack Obama has offered the foundering US auto sector a dose of tough love, vowing to save what he called a "pillar" of the US economy but warning bankruptcy might be the only solution. Related Photos Slideshow US elections 2008 Related Full Coverage Obama's Presidency What change will Obama bring? Will it affect the rest of us globally? All Full Coverage Most Popular – Top Stories Viewed 100,000 secular Britons seek 'de-baptism' Obama offers tough love to US car giants Prince William up for Afghanistan fight: report Hot tea linked with throat cancer World auto shake-up leaves investors reeling View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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