Thursday, April 30, 2009

Chrysler to file for bankruptcy.

According to a report on CNN, Chrysler will be filing for bankruptcy. Their source is an Obama administration official who indicated that negotiations with creditors have collapsed. Apparently many of the bank lenders were willing to work with Chrysler and made concessions on much of the $7 billion owed to them. However, many non bank lenders were not willing to work with the Treasury Department on reducing Chrysler's debt.

Bad news.

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