In a statement, the administration said Tuesday night that its task force would be reviewing the carmakers' reports in coming days, adding that "more will be required from everyone involved — creditors, suppliers, dealers, labor and auto executives themselves — to ensure the viability of these companies going forward".
more will be required from everyone involved -- creditors, suppliers, dealers, labor and auto executives themselves -- to ensure the viability of these companies going forward," White House Press Secretary Robert Gibbs said Tuesday evening.
But restoring confidence must also involve creditor countries, above all Germany.
A CVA involves creditors agreeing to forgo some of what they are owed by a business rather than risk it disappearing altogether.
Ministers are now talking openly about it, albeit in a "soft" form involving creditors voluntarily stretching out the maturities on their loans to Greece, rather than imposing losses on creditors.
"I think it's a good thing for everyone involved — the creditors, the company," said Luc A. Despins, who represented Enron's creditors.
What's also unusual about Greece is that most government defaults historically have involved private creditors, whereas the Greek debts today are concentrated in the hands of European and international agencies.
A common form of garnishment involves a creditor attaching the wages of an employee owed to him by his employer.
If a transaction involves one creditor as defined in section 1602(f) of this title, or one lessor as defined in section 1667 3) of this title, such creditor or lessor shall make the disclosures.
"The government's decided it's had enough of the bad publicity," said one creditor involved in Thai Petrochemical's restructuring.
