Bankruptcy Looks Likely for Chrysler

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By ZACHERY KOUWE and MICHELINE MAYNARD

Published: April 30, 2009

Chrysler, the third-largest American auto company, will seek bankruptcy protection and enter an alliance with the Italian automaker Fiat, the White House announced Thursday.

The bankruptcy case, which officials envisioned as a swift, “surgical” process, was set to be filed in United States Bankruptcy Court in New York. It marks the first time a major American car company has tried to restructure under bankruptcy protection since Studebaker in 1933.

President Obama announced the plan, including the Fiat alliance, in televised remarks shortly after noon. He said the outcome was a much better outcome than seemed likely only a month ago.

Bankruptcy Looks Likely for Chrysler - NYTimes.com

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