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M$1.00  Funded By Mahalo ? |  April 30, 2009 01:45 PM

Just heard that Chrysler was declaring bankruptcy. Anybody confirm/deny?

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davepamn davepamn
 
 April 30, 2009 02:05 PM | view on twitter
Chrysler announce it will file for Chapter 11. Bank lender negotiations are delayed. The small creditors delays in final settlement prompted the bankruptcy option.

Fiat will take a 20 percent stake in Chrysler.

U.S. Treasury raised its offer to Chrysler’s lenders to $2.25 billion in cash to forgive $6.9 billion in secured debt

Union retiree health-care trust fund will hold 55 percent of Chrysler
Source(s):
http://www.bloomberg.com/apps/news?pid=20601087&sid=a.ln0ZUPYVJM&re...



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lauriem lauriem
 
April 30, 2009 01:47 PM | view on twitter
A White House official has reportedly said that Chrysler does plan to file for Chapter 11 bankruptcy. So far, no formal comment from Chrysler on the matter. Today is the deadline for the company to submit its restructuring plan (11:59 p.m.).

There are also reports that Chrysler is "in talks" with Italian automaker Fiat.
Source(s):
http://www.foxnews.com/politics/2009/04/30/chrysler-filing-bankruptcy-offic...
http://www.nytimes.com/2009/04/30/business/30auto.html?_r=1&hp


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Voted as best: thekid
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