Chrysler to Seek Chapter 11 as Talks Fail

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The American automaker Chrysler will file for bankruptcy on Thursday, an Obama administration official said. The White House said President Obama and members of the auto task force would address the fate of the company at noon.

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Related
Wheels: Bankrupcty and Fiat in Chrysler’s Future? (April 30, 2009)
Times Topics: Chrysler LLC | Automotive Industry CrisisLast-minute efforts by the Treasury Department to win over recalcitrant Chrysler debtholders failed Wednesday night, according to people briefed on the talks.

An administration official said the government had the “full support of Chrysler’s key stakeholders” in its efforts to restructure the company and expressed confidence about Chrysler’s prospects for emerging stronger. But the official, who declined to speak for attribution ahead of President Obama’s announcement, made it clear that the administration was frustrated with the holdout creditors

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