May 01 2009
Chrysler’s Bankruptcy Gets A Fast Start
Well it seems that Chrysler and the government are wasting no time and getting things straighten out at this struggling automaker as they were in court today. Chrysler asked the court if they could use loans from the government to keep open under bankruptcy protection. This will be a very quick bankruptcy for a couple of reasons the first being the government has their hand in it and putting pressure on creditors to accept this process. Secondly, there are many jobs at stake and if Chrysler would go under the ripple effect could be very massive.
It should take Chrysler around 30 to 60 days to go through this process, but maybe the real question is how will the consumer feel about Chrysler now and will they buy cars from them. Traditionally consumers seem to stay away from such companies so this should be a very interesting test indeed.
