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Biden Still Holding Out Hope For Chrysler

(CBS)
While Chrysler may well be heading for bankruptcy, the White House is still holding out hope that the company survives.

"Our hope and expectation, and the president has said, [is that] the bankruptcy would be quick, not result in liquidation and Chrysler would come out the other end a company ready, leaner, and able to compete," Vice President Joe Biden said on CBS' The Early Show Thursday.

A tentative deal was struck last week with Chrysler's major debtholders, but negotiations disintegrated Wednesday night as the 46 smaller hedge funds holding a 30 percent stake in the automaker held out for a better deal.

Biden said that while there were no plans to pump more government aid into the car company, he left the door open for more assistance after a successful restructuring through bankruptcy.

"After that, and Chrysler is out, and retooled and re-engineered, basically, reorganized, that will remain to be seen. But there's not any plan now for more aid," he said.

You can watch video of the interview below:

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