Chrysler goes under
ya suppose they'll get a third whack at bankruptcy somewhere down the road (see below*)...?
Chrysler to Proceed with Bankruptcy
Chrysler, one of the three pillars of the American auto industry, will file for bankruptcy today after last-minute negotiations between the government and the automaker’s creditors broke down last night, an Obama administration official said. U.S. officials had offered Chrysler’s secured lenders $2.25 billion in cash if they would agree to writedown the $6.9 in secured debt that the company owed. But a small group of hedge funds refused the 11th-hour deal, forcing an imminent bankruptcy.
On September 7, 1979, The Chrysler Corporation petitioned the United States government for US$1.5 billion in loan guarantees to avoid bankruptcy.Submit To Propeller