Chrysler is filing for Chapter 11 bankruptcy protection, President Barack Obama has confirmed.
The decision has been made at the behest of the US president, after Chrysler failed to meet his administration's deadline for turning itself into a viable business.
Announcing the decision, Obama, who famously owned a HEMI-powered V8 Chrysler 300C before taking office, said: "The necessary steps have been taken to give one of America’s most-storied companies a new lease on life."
Obama also announced that the US government will give additional aid to GMAC so that it can take over lending to Chrysler's customers and dealers from Chrysler Financial, which the government has said is no longer viable. The Canadian government will also provide financial aid in return for a two per cent stake in the restructured company.
The president also stressed that Chrysler will continue to operate as normal while it is under Chapter 11 bankruptcy protection, with no imminent job cuts planned until the restructuring is complete. Chrysler did confirm it would cut the number of dealerships it had, though, but did not say how many or when. For more details click here.
The decision has been made at the behest of the US president, after Chrysler failed to meet his administration's deadline for turning itself into a viable business.
Announcing the decision, Obama, who famously owned a HEMI-powered V8 Chrysler 300C before taking office, said: "The necessary steps have been taken to give one of America’s most-storied companies a new lease on life."
Obama also announced that the US government will give additional aid to GMAC so that it can take over lending to Chrysler's customers and dealers from Chrysler Financial, which the government has said is no longer viable. The Canadian government will also provide financial aid in return for a two per cent stake in the restructured company.
The president also stressed that Chrysler will continue to operate as normal while it is under Chapter 11 bankruptcy protection, with no imminent job cuts planned until the restructuring is complete. Chrysler did confirm it would cut the number of dealerships it had, though, but did not say how many or when. For more details click here.
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