Talks between the Treasury Department and lenders to keep Chrysler out of bankruptcy broke down late Wednesday, making the automakers trip to bankruptcy court on Thursday – unavoidable.
From The NYT: Last-minute efforts by the Treasury Department to win over recalcitrant Chrysler debtholders failed Wednesday night, setting up a near-certain bankruptcy filing by the American automaker…
Barring an agreement, which looked increasingly difficult, Chrysler was expected to seek Chapter 11 protection on Thursday, most likely in New York.
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