News & Politics

Chrysler Goes Bankrupt?*

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(* Question mark added for plausible deniability.) They’ve been talking about it for a while, and today Chrysler is expected to announce it’s filing for Chapter 11. The company had been trying to work out a deal with its lenders, but they won’t take the necessary losses of their own volition, so bankruptcy is what’s left. The Obama Administration is optimistic: 30 to 60 days, says Joe Biden, and they’ll reorganize into a powerhouse! Despite its impending bankruptcy, Chrysler has also apparently formed an alliance with European car company Fiat SpA which may expand into a full-blown partnership. We’ll know more when Obama speaks on the issue at noon.


Update: As usual The Smart Asset has more and better.

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