Thursday, April 30, 2009

Yes Virginia, there Is a Chrysler Bankruptcy
Chapter 11 filed today. Hopes to be out in 60 days.

As was speculated yesterday, Chrysler couldn't negotiate a deal with holdout creditors, so Chapter 11 was filed today. Fiat is on board. The US government and Canadian government have pledged about $10 billion to get them going and keep them going. Starting May 4, the plants will be shut down until Chrysler "emerges" from bankruptcy, hopefully within 60 days. Count on it. In 60 days Chrysler will emerge as a beautiful butterfly.

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