Bush conisders 'orderly' bankruptcy of US auto industry

The Bush administration is looking at “orderly” bankruptcy as a possible way to deal with the desperately ailing US car industry, Treasury Secretary Henry Paulson said.

With General Motors and Chrysler awaiting a White House decision on billions of dollars in emergency loans, Mr Paulson said bankruptcy for Detroit’s car firms should be avoided if possible but an orderly reorganisation may be the best option to stop a total collapse.