In late 2008 the North American auto industry was in serious financial difficulty. General Motors and Chrysler sought large bailout packages from both the American and Canadian governments. It was speculated that the ripple effects on the economy would be far-reaching if these companies failed. Other commentators suggested that bankruptcy protection would be a positive step for the companies. They would be able to sharply reduce their excessive costs by negotiating deals with creditors, dealers, and the unions and emerge in a stronger position to compete with automakers from other countries. In 2009, both companies went through an expedited process supported by government. Is bankruptcy protection an appropriate process in a potential industry failure of this magnitude?
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