Chrysler Filing for Bankruptcy, Fiat Deal Still Possible
Date 2009/4/30 10:01:07 | Topic: Miscellaneous
|From CNN (and probably a zillion other news sources)...|
Chrysler LLC is going to file for bankruptcy, an administration official confirmed to CNN Thursday.
The filing comes after some of the company's smaller lenders refused a Treasury Department demand to reduce the amount of money the troubled automaker owed them.
Chrysler officials had no comment on the bankruptcy report. The company faces a Thursday deadline from the Treasury Department to reach deals with creditors who had loaned the company about $7 billion.
But the filing will not mean the halt of operations or liquidation for the troubled 85-year old automaker. Instead, the administration expects to use the bankruptcy process to join Chrysler with Italian automaker Fiat.
What will Chrysler and the Jeep brand look like when they emerge?