Chrysler to file for bankruptcy

[Gunny]

By Chris Isidore, CNNMoney.com senior writer
Last Updated: April 30, 2009: 9:59 AM ET

NEW YORK (CNNMoney.com) -- Chrysler LLC is going to file for bankruptcy, an administration official confirmed to CNN Thursday.

The filing comes after some of the company's smaller lenders refused a Treasury Department demand to reduce the amount of money the troubled automaker owed them.

Chrysler officials had no comment on the bankruptcy report. The company faces a Thursday deadline from the Treasury Department to reach deals with creditors who had loaned the company about $7 billion.

Chrysler filing for bankruptcy - Apr. 30, 2009

 

[tigerbob]

Apparently, Obama's going to make the announcement at noon.

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