Auto Industry: April 2009 Archives
STEPHEN MANNING
AP Business Writer
WASHINGTON (AP) -- Two Obama administration officials say Chrysler will file for bankruptcy protection after talks broke down with a small group of the company's creditors.
The officials spoke on condition of anonymity because the filing plan has not been formally announced.
The government had long hoped to stave off bankruptcy for Chrysler, but negotiations with hedge funds that hold its outstanding debt crumbled overnight.
Bankruptcy doesn't mean the nation's third largest automaker will shut down. And Chrysler is expected to sign a partnership with the Italian company Fiat as early as today as part of its restructuring plan.
President Barack Obama is expected to discuss the nation's auto sector at noon.
About this blog
Economic Alert is a daily blog on business and the economy in the San Gabriel Valley and beyond, featuring updates and observations from the staff of the San Gabriel Valley Newspaper Group. SGVN includes the San Gabriel Valley Tribune, Pasadena Star-News and Whittier Daily News.
Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
e-mail
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
e-mail
Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
Recent Comments
Kiona on Financial distress fuels suicides: Ho ho, who woluda thunk it, right? ...
uyuwgjznhp on Store offers used Levi's at a discount: JZRRgb huekfrbimsgc ...
tgvglptfhx on Corporate execs could learn from this guy: seOX7Z lgsojpiamaat ...
widcahidsca on Pinkslip Mixer goes multi-city and state...: fXedmE izdvlcwkcung ...
ulrvkbya on Store offers used Levi's at a discount: RS9ZKS dbdrxdjuydic ...
wrseqtq on Pinkslip Mixer goes multi-city and state...: 2mu6qc yheudctcoglu ...
uyfmqe on Corporate execs could learn from this guy: H2FOjo yjmrmkqfpgcm ...
Eusebio on Financial distress fuels suicides: Hey, just lkoniog around some blogs, seems a pretty nice platform you ...
Nick on Corporate execs could learn from this guy: As soon as we wakled into the store I could smell it! What, you’ ...