We have looked at this. I suppose you are referring to what we call here in Canada CCAA filing—chapter 11 in the United States. We're hearing a lot of discussion with regard to chapter 11. We have had some experience here in this country, although thankfully minimal, with the Daewoo situation.
When we have a manufacturer who files for bankruptcy—but let's talk specifically about a structured reorganization—all CEOs of the Detroit three have testified before Congress and, in their own restructuring proposals, have included analyses that indicate that they do not believe, and we support this, that they can come out of a chapter 11 environment. We believe that our industry does not lend itself to that.
There are numerous surveys that indicate that 80% of consumers would not buy a vehicle from a manufacturer that is under bankruptcy protection. Unlike an airline.... When you and I are required to travel, let's call any airline under bankruptcy protection; that airline continues to operate as an ongoing concern. But your or my relationship with that airline will be for a couple of hours, to get from point A to point B. As long as the plane is safe, we're willing to get on board and get to our destination. In the case of a vehicle manufacturer, with whom the customer relationship is a much longer-term relationship and where you're talking about a three-, four-, or in the case of some manufacturers now a ten-year warranty, consumers have clearly and loudly indicated that they would not buy from that manufacturer.
So our view and our position on this question is that an automobile manufacturer could not come out of a CCAA filing and in fact would probably go straight into bankruptcy. The end result of that would be--and we have experienced this with the Daewoo Motor Company situation in Canada--that literally within days of the manufacturer's either filing for bankruptcy or seeking CCAA protection, the dealer network closes. Because you have a brand and you have a sign outside now that is attached to a manufacturer who is no longer in business, the dealer network goes. The implications of a manufacturer in Canada failing would be disastrous on the dealer network.
So the government must look beyond the factory implications; you also have to take a look at the implications for that dealer network. In the case of General Motors, you have 700 dealers.