Chrysler Will File for Bankruptcy

[detourdetroit]

http://www.nytimes.com/?emc=na

[Crumbled_pavement]

And so it begins. It is the official demise of the U.S. auto industry.

GM will follow suit in a couple of days and Ford might hang on for a few months, but they too will be next.

Are you prepared for the wasteland that Michigan is bound to become?

[jlnascar]

As a Chrysler dealer employee, I do not feel this is the end yet. If they can come out of this chapter 11 and Fiat gets involved, we may be a better company

[Johnlodge]

I'm not sure there's any actual news in that article, or that is definitively says they WILL be filing bankruptcy. Looks like how things currently stand. And as the article itself says:

Some analysts questioned whether the Treasury’s steps to prepare a bankruptcy case were an effort to put more pressure on lenders, with which it has exchanged proposals meant to reduce Chrysler’s debt. Chrysler faces an April 30 deadline from the Treasury, while G.M. faces a June 1 deadline in its own efforts to draft a new restructuring plan.

[R8RBOB]

And so it begins. It is the official demise of the U.S. auto industry.

GM will follow suit in a couple of days and Ford might hang on for a few months, but they too will be next.

Are you prepared for the wasteland that Michigan is bound to become?

I'm sorry but I can't shed any tears. Chrysler is owned by Cerberus and Daimler and both of these conglomerates are not on the fence for letting this company slowly die. Shame on them. Truth be told, Chrysler was on life support when DaimlerChrysler called it a loser and was willing to give it away for little or nothing after it bled them for everything they had.

The official demise of the auto industry started when the rest of the world caught up and we had no new ideas to top them.