David Kirkpatrick

April 29, 2009

Chrysler to file Chapter 11

Filed under: Business — Tags: , , , — David Kirkpatrick @ 11:12 pm

It’s not totally done, but looks immanent. So Chrysler wins the dubious distinction of being the first of the big three to declare bankruptcy.

From the link:

Last-minute efforts by the Treasury Department to win over recalcitrant Chrysler debtholders failed Wednesday night, setting up a near-certain bankruptcy filing by the American automaker, according to people briefed on the talks.

Barring an agreement, which looked increasingly difficult, Chrysler was expected to seek Chapter 11 protection on Thursday, most likely in New York, these people said.

Update 4/30/09 — It’s done. More on the filing here and here.

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