Thursday, April 30, 2009

Chrysler Declares Bankruptcy

It's bankruptcy for Chrysler.
"The bankruptcy filing could serve as a preview of what a filing by General Motors might look like. G.M., which like Chrysler received federal assistance last year, faces a June 1 deadline for its own restructuring," reports The New York Times. "Chrysler said that as part of the restructuring, it would idle most manufacturing operations beginning Monday, and resume production 'when the transaction is completed, which is anticipated within 30 to 60 days.'"

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