Chapter 11

After Chrysler filed for bankruptcy one month ago, it was the turn of General Motors to file for bankruptcy under Chapter 11 protection. Today at 8 A.M. local time, General Motors declared bankruptcy at the federal court in Manhattan after they reported $81 billion losses in the last four years. GM is the biggest car [...]

These are some tough times for Chrysler as everything points to a bankruptcy. The company was hoping that the US Treasury Department would reach an agreement with the lenders of the car manufacturer, however, the negotiations were stalled and then broken down. Chrysler will now file bankruptcy under Chapter 11 protection, and they will be [...]