NEW YORK - The transition team of President-elect Barack Obama is considering a swift prepackaged bankruptcy for automakers as an answer to the financial woes of the sector, reported Bloomberg News on Friday, citing a person familiar with the matter.

The report stated that Obama's team has already contacted at least one bankruptcy law firm to say that Daniel Tarullo, who heads Obama's economic policy working group, would call to discuss the workings of a so-called prepack, according to this person.

U.S. lawmakers on Thursday asked General Motors , Ford and Chrysler to provide a business survival plan in exchange for their support of up to $25 billion in loans.