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Chrysler Goes Bankrupt and GM Struggles to Keep Above Water
Chrysler LLC yesterday (Thursday) filed for bankruptcy protection after a failed attempt to reorganize operations and restructure debt before the government appointed deadline.
The collapse of one of America’s largest and oldest auto companies – having been founded in 1925 – shows just how much the U.S. auto industry has deteriorated since its heyday in the mid-20th century.
As many analysts speculated would be the case over the past several months, Chrysler is filing for Chapter 11 bankruptcy protection and attempting to reorganize, making it the first major automaker to do so since Studebaker did in 1933.
Should Chrysler fail to successfully reorganize,…
1May2009 | Money Morning | 0 comments | Continued
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