Wednesday, April 29, 2009

Chrysler Deal Collapses, Bankruptcy all but Certain

by Bill McBride on 4/29/2009 11:57:00 PM

From the NY Times: Chrysler Bankruptcy Looms as Deal on Debt Falters

Last-minute efforts by the Treasury Department to win over recalcitrant Chrysler debtholders failed Wednesday night, setting up a near-certain bankruptcy filing by the American automaker ... Chrysler was expected to seek Chapter 11 protection on Thursday ...
It sounds like the Administration expects a short bankruptcy. It will be interesting to see if the debtholders do better than the $2.25 billion they were offered.

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