It’s Official: Chrysler Files for Bankruptcy
Nicolas Loris /
From CNNMoney:
“Chrysler LLC will file for Chapter 11 bankruptcy protection in a New York court Thursday senior Obama administration officials said, kicking off what the administration predicts will be a 30- to 60-day restructuring for the third-largest U.S. auto maker.
The U.S. government will provide up to an additional $8 billion in aid, including up to $3.5 billion in so-called debtor-in-possession financing, to ensure Chrysler survives the historic reorganization process and finalizes a partnership with Italian auto maker Fiat SpA (FIATY).