US auto chiefs renew bailout bid with $25b push

Ford Motor Co Chief Executive Officer Alan Mulally led industry CEOs' personal push for $25 billion in emergency loans as details of the aid plan circulated on Capitol Hill and Senate approval this week remained in doubt.

A bankruptcy of one automaker is a "real serious concern" for the others, Mulally said yesterday in an interview on CNBC. When asked whether a bankruptcy filing would mean a liquidation and not a restructuring, he said, "I sure think so."

Congressional Democrats unveiled proposals on Monday, one bill in the House, another in the Senate, that would tap the $700 billion bank rescue package, giving seven to 10-year loans to domestic automakers and their suppliers. Taxpayers in return would get stock warrants, pay limits for top company executives and assurances that automakers would build more fuel-efficient vehicles.