Chrysler will file for Chapter 11 bankruptcy
"Chrysler will file for bankruptcy after talks with a small group of creditors crumbled just a day before a government deadline for the automaker to come up with a restructuring plan, President Barack Obama said Thursday.
The Obama administration said it had long hoped to stave off bankruptcy for the nation's third largest automaker, but it became clear that a holdout group wouldn't budge on proposals to reduce Chrysler's $6.9 billion in secured debt. Clearing those debts was a needed step for Chrysler to restructure by the Thursday deadline...."
http://finance.yahoo.com/news/Chrysler-to-get-up-to-8B-from-apf-15087171...
too bad.. thousands and thousands workers have lost their jobs..
crisis is going deeper...
The Dodge Viper - Awesome :)
i never liked Chrysler either, especially dodge.. i never could understand why it is considered the luxury car here in qatar.. piece of junk.. but i am worried about Chrysler labours.. I know thousands of jobs are cut in on the Chrysler plant in Winsdor, Ontario, as the minivan plant was shut down. Thousands of families have lost their income. It affects the economy negatively..
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“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry
You can't teach experience...
This is Chapter 11.. Its normal for US businesses to do this. It allows them to restructure / refinance whilst holding the creditors at bay..
Thats usual for American businesses. One down, Two Ups. One goes bankrupt, declared, restructured, merged and two live again.