Chrysler LLC will file for Chapter 11 bankruptcy today

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Chrysler LLC will file for Chapter 11 bankruptcy today

Postby Egaladeist » Thu Apr 30, 2009 3:39 pm

Chrysler LLC will file for Chapter 11 bankruptcy on Thursday after talks to restructure its debt with bondholders collapsed, a U.S. government official said.

Chrysler failed to gain the bondholder support it needed to move forward with a restructuring and avoid the first-ever bankruptcy filing by a major U.S. automaker.

The Chapter 11 filing, which sources said would be done in U.S. Bankruptcy Court in Manhattan, will send shockwaves through the entire auto industry -- including Chrysler's rivals, suppliers, dealers and the many hundreds of thousands who rely on the industry for their livelihoods.

http://www.reuters.com/article/ousiv/id ... F620090430
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Re: Chrysler LLC will file for Chapter 11 bankruptcy today

Postby cheapscotchron » Thu Apr 30, 2009 7:59 pm

That's strike three for Nardelli.
Tis better to be boozed than bruised
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