Obama says auto makers' collapse not an option

WASHINGTON (Reuters) - President-elect Barack Obama said on Sunday that the struggling U.S. auto industry could not be allowed to collapse, but that any bailout would require a complete restructuring.

"I don't think its an option to simply allow it to collapse," Obama said in a taped interview on NBC's "Meet the Press" program.

"What we have to do is to provide them with assistance but that assistance is conditioned on them making significant adjustments. They are going to have to restructure and all of their stakeholders are going to have to restructure," Obama said.