While the Government imposed April 30th deadline approaches for Chrysler, Marketwatch speculates that they could be filing for Chapter 11 even sooner.
“Ailing car maker Chrysler is close to filing for protection from creditors as soon as next week under Chapter 11 of U.S. Bankruptcy laws… The move will come whether or not it reaches a buyout deal with Fiat SpA, the newspaper reported, citing people familiar with the companies.”
Chrysler issued this response:
(from the Chrysler Media Site)
“On March 30, the Administration recognized the viability of Chrysler LLC and its products, in combination with a Fiat alliance.
Chrysler has consistently said that its viability will be enhanced through an alliance with Fiat, as it represents a change in the Company’s business model that expands its global competitiveness.
As we move forward in this process, we believe it’s important to keep all options open. Chrysler will continue to work through the end of the month, based on the direction given by the Presidential Auto Task Force, to secure the support of the necessary stakeholders and reach a successful conclusion that the Administration and U.S. Treasury deems appropriate.”
We’re not sure how this will play out, but we have no doubt that Jeep will soldier on regardless!