Chrysler in Trouble |
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ExcerptsAbout Chrysler
Chrysler asks for Financial AidIn 2007, Chrysler reported a net loss of US$ 1.6 billion. The company's financial problems continued in 2008, due to declining sales (Refer to Exhibit I for Chrysler's annual US Sales between 2000 and 2008). In October 2008, Cerberus and General Motors Corporation (GM) engaged in discussions regarding the merger of GM and Chrysler... The BankruptcyOn April 30, 2009, Chrysler and its 24 wholly-owned US subsidiaries, filed for bankruptcy. However, Chrysler's Mexican, Canadian, and other international operations were not part of the bankruptcy filing. The company filed the bankruptcy under Section 363 so that it would be able emerge from bankruptcy within 30 to 60 days...
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