Image via Wikipedia
Published: April 30, 2009
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.