Chrysler Files for Chapter 11

POSTED: Friday, May 1, 2009 - 8:09am

UPDATED: Thursday, February 25, 2010 - 11:33am

Chrysler filed for Chapter 11 bankruptcy protection on Thursday.

The automaker says bankruptcy is necessary after talks with some of their creditors over the company's 6.9 billion dollar secured debt led nowhere overnight.

Chrysler expects the bankruptcy to last up to 60 days while they finalize a partnership with Italian automaker Fiat. As part of the restructuring plans, officials say they will temporarily stop manufacturing on Monday.

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