Question of the Day (29-Jun-20)
America’s once mighty car industry is heading for the scrap yard. Plunging sales amid a financial crisis and economic downturn forced General Motors and Chrysler to seek a government bailout – Ford is the only one of Detroit’s “Big Three” that reckoned it could survive without help. But by the end of April, Chrysler, the weakest car maker, was forced to file for bankruptcy protections after its creditors refused to agree on a survival plan that included a tie-up with Italy’s Fiat. GM, which has announced a radical restructuring, also faces bankruptcy at the end of May if its aggrieved bondholders gamble on getting a better deal in the courts.
Which of the following can be validly concluded from the above?