Treasury preparing Chrysler for bankruptcy

[HBox]

We'll see what happens now, if Chrysler even survives it. (http://www.msnbc.msn.com/id/30366383/)

The Treasury Department is preparing a Chapter 11 bankruptcy filing for struggling U.S. automaker Chrysler that could come as soon as next week, according to a New York Times report.

People with direct knowledge of the action told the newspaper that the U.S. Treasury has an agreement in principle with the United Automobile Workers union, whose members’ pensions and retiree health care benefits would be protected as a condition of the bankruptcy filing.

In late March the Obama administration gave Chrysler one month to reach an agreement for an alliance with Italy's Fiat, a reduction in secured debt and resolution of labor issues with its unions.

Even though it's a Chapter 11 I don't see how Chrysler makes it through intact.

[boosterp]

And it begins...

[burrben]

i bet they were hoping that they could DODGE this

[Crispy123]

JEEPers this is bad!

[FezsAssistant]

Of course this happened.
Obama is a master negotiator.
He gave 100% of the leverage to Fiat.
Best president ever.

[Gvac]

I knew they never should have gotten rid of Plymouth!

Where have you gone, Lee Iacocca?

[STC-Dub]

Time to bring back the K Car. It saved Chrysler the first time.

[Gvac]

And the Neon!

Let's face it; the Germans are responsible for this. Chrysler was riding high a few years back before Daimler bought them and ran the brand into the ground.

They single handedly killed the Jeep brand.

Fucking Nazis.

[Tenbatsuzen]

And the Neon!

Let's face it; the Germans are responsible for this. Chrysler was riding high a few years back before Daimler bought them and ran the brand into the ground.

They single handedly killed the Jeep brand.

Fucking Nazis.

So we can blame Dr. Z?

[Gvac]

I just found THIS ARTICLE (http://money.cnn.com/2009/04/23/autos/who_killed_Chrysler.fortune/) on CNN Money.

It's pretty much dead on.

A decade ago, the company was sitting on top of the automotive world. Then the Germans took over - but you can't blame them for everything.

While General Motors has been on a slippery slope for 40 years, the roots of Chrysler's decline are more recent. At the time of its merger with Daimler in 1998, it was the hottest company in Detroit.

In retrospect, the fatal blow was struck when then-CEO Dieter Zetsche tried to stretch the product development budget by churning out more new models with less money. It sounded like black magic -- and as it turned out -- it was.

What Chrysler produced were half a dozen derivative models with eye-catching but cheesy styling, bargain-basement interiors and the worst quality in Detroit. Customers caught on quickly. This year, sales of many models are just one-third of what they were just a year ago

[A.J.]

This is going to affect people in every Town & Country.