No actions available.
Full Text of this Amendment
Strike all after the first word and insert the following:
SECTION 1. BANKRUPTCY FILING REQUIRED.
The Secretary of the Treasury, in accordance with sections 2, 3, and 4, shall provide financial assistance to any eligible automobile manufacturer that has filed for bankruptcy protection under chapter 11 of title 11, United States Code, during the 12-month period following the date of enactment of this Act.
SEC. 2. DEBTOR IN POSSESSION FINANCING PROVIDED.
(a) Authority.--The Secretary of the Treasury shall provide debtor-in-possession financing, on a direct or guaranteed basis, to any eligible automobile manufacturer that has filed for bankruptcy protection under chapter 11 of title 11, United States Code, during the 12-month period following the date of enactment of this Act, in accordance with subsection (b). Such financing shall be subject to such terms and conditions as the Secretary of the Treasury determines appropriate for purposes
of this Act.
(1) FINANCIAL ASSISTANCE.--
(A) IN GENERAL.--Such sums are appropriated to the Secretary of the Treasury as are necessary for the purpose of providing not more than $25,000,000,000 in financial assistance under this Act. The Secretary of Energy shall make available to the Secretary of the Treasury $7,510,000,000 of funds made available under section 129 of division A of the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2009, relating to funding for the manufacture of advanced technology
vehicles, which shall reduce the appropriation under this paragraph.
(B) CONTINUING APPLICATION PROCESS.--No provision of this section shall be construed as prohibiting or limiting the Secretary of Energy from processing applications for loans under section 136 of the Energy Independence and Security Act of 2007.
(2) AUTHORIZATION.--There are authorized to be appropriated to the Secretary of Energy, sums as may be necessary for the purpose of replenishing the funds made available to the Secretary of the Treasury under subsection (a).
SEC. 3. FEDERAL GUARANTEE OF WARRANTIES.
During the period in which any eligible automobile manufacturer is subject to the jurisdiction of the bankruptcy court pursuant to a filing for bankruptcy protection under title 11, United States Code, the Federal Government shall provide a guarantee, backed by the full faith and credit of the United States, of any warranty on any new vehicle offered by the eligible automobile manufacturer, on terms and conditions that are substantially similar to those offered by the eligible automobile manufacturer
prior to filing for bankruptcy protection, and in accordance with such procedures as the Secretary of the Treasury determines are appropriate for purposes of this Act.
SEC. 4. OTHER INTERESTS SUBORDINATED.
Any other obligation of an eligible automobile manufacturer that receives a loan or other financial assistance under this Act shall be subordinate to such loan or assistance, and such loan or assistance shall be senior and prior to all other obligations, liabilities, and debts of the eligible automobile manufacturer, and such eligible automobile manufacturer shall provide to the Government, all available security and collateral against which the loans under this Act shall be secured.
SEC. 5. REGULATIONS REQUIRED.
The Secretary of the Treasury shall issue such rules, standards, and guidelines as may be necessary to carry out this Act, and may utilize the services of or contract with private entities, as necessary to provide the guarantee under section 3.
SEC. 6. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated to the Secretary of the Treasury, such amounts as are necessary to carry out section 3 of this Act, including administrative costs to the Secretary of the Treasury.
SEC. 7. DEFINITIONS.
As used in this Act, the term ``eligible automobile manufacturer'' means an automobile manufacturer that submitted a plan to the Congress on December 2, 2008.
SEC. 8. EMERGENCY DESIGNATION.
Amounts provided by this Act are designated as an emergency requirement and necessary to meet emergency needs pursuant to section 204(a) of S. Con. Res. 21 (110th Congress), the concurrent resolution on the budget for fiscal year 2008.
(As printed in the Congressional Record for the Senate on Dec 11, 2008.)