Chrysler Files for Chapter 11
POSTED: Friday, May 1, 2009 - 8:10am
UPDATED: Friday, October 14, 2011 - 12:23am
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.