Chrysler Files for Bankruptcy
Chrysler will file for bankruptcy today after talks with some of its creditors broke down. Chrysler is expected to sign a partnership agreement with Fiat as early as today as part of its restructuring plan.
"Bankruptcy will not affect the ability of consumers to buy or service a Chrysler," said President Barack Obama in televised remarks today.
President Obama announced that floorplan lending for Chrysler dealers will shift from Chrysler Financial to GMAC. "Bankruptcy is not a sign of weakness for Chrysler, but rather a sign of strength. It has the backing of the federal government," Obama said.
"Chrysler has not only been an icon of America’s auto industry and a source of pride for generations of American workers, it has also been responsible for helping build our middle class, giving countless Americans the chance to provide for their families, send their kids to college, and save for a secure retirement," Obama added.
"As a result of the sacrifices by key stakeholders and a substantial commitment of U.S. government resources, Chrysler has an opportunity to thrive as a long-term viable 21st century company."
Source: NADA Headlines
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