April 30, 2009

Chrysler Files for Bankruptcy to Seal Fiat Accord

Filed under: auto,Chrysler — 7macaw @ 10:36 am
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Chrysler LLC, the automaker that survived a near-death experience in 1979, filed today for bankruptcy protection to streamline operations and shed debt in a reorganization that includes Italy’s Fiat SpA as a partner.

“Bankruptcy could do a lot of good for Chrysler” by allowing it to “shrink down to the size it needs” quickly, said Stephen Lubben, who teaches bankruptcy-law at Seton Hall University School of Law in Newark, New Jersey.

Source: Bloomberg

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