News
Chrysler to Enter Bankruptcy Protection after Creditors Balk at Deal
Chrysler
is set to enter bankruptcy protection after the automaker failed to have its
debts written off by its lenders prior to a midnight deadline.
That
failure to reach a deal was due in large part to Chrysler’s inability to
restructure its business, a requirement made by the U.S. government prior to
another loan of $6 billion. Chrysler had wanted to pay $2 billion in cash to
its lenders and in exchange have its $6.9 billion in secured debt written off.
Chrysler
had also been asked to reach a new deal with its main union that would have cut
costs as well as establish an alliance with the Italian auto firm Fiat. Those
two requirements had been moving forward as the automaker had reached an
agreement with the union and had been moving forward with Fiat.
While
Chrysler’s banks agreed to the deal it was frowned upon by hedge funds that
still hold a large portion of that debt.
The
move into Chapter 11 bankruptcy will allow Chrysler time to restructure under the
eye of the court while still being allowed to trade. Such a move will protect
Chrysler from its creditors and will likely leave them paying those creditors
less.
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