April 30 2009 – American Automaker Chrysler Files for Chapter 11 Bankruptcy

No Picture

April 30 2009 – American Automaker Chrysler Files for Chapter 11 BankruptcyRate this post *Image Credit: Wikimedia Commons Six months after the United States Congress passed legislation authorizing the purchase of assets from a variety of industries, news from the American auto industry worsened on April 30, 2009 when Chrysler LLC announced it would be filing for the Chapter 11 bankruptcy protection. Unable to secure approval from its creditors for a plan to reorganize, the company was forced to seek additional funding from the Treasury Department and folded into the portfolio of Italian carmaker Fiat. Investors shuddered: the global economic freefall was clearly far from over. The problem began around […]