Chrysler executives still hoped to avoid bankruptcy. The UAW had ratified a second round of concessions that froze wages, cut retiree health care benefits and agreed not to strike the company for more than six years. All but a handful of lenders had signed off on the U.S. Treasury's offer of $2 billion to write off $6.9 billion in Chrysler loans.
Reluctantly, however, the leaders were recognizing the harsh decision Rattner made weeks earlier: Chrysler was filing for Chapter 11, no matter what.
Rattner had met with Ron Kolka, Chrysler's chief financial officer, and told him how it would go.
I like how Bob Woodward, Dan Rather, all these truth to power types are nowhere to be found.
Our family has bought Mopar for the last three vehicles. I have no idea who are next car will be made by. It certainly won’t be a Chrysler or a GM..
When I see an article about “bankruptcy” being sourced from a DETROIT paper....wel, the word “Schadenfreude” comes to mind.
Don’t know if you saw this one ...
http://www.businessinsider.com/new-emails-reveal-the-chrysler-fiat-forced-marriage-2009-6
Wonder what the Supreme Court will do with this. Bankruptcy is covered by Federal statute. I don’t see how actions taken ad lib by the White House can survive judicial scrutiny.
that’s what a Czar does, he calls the shots
(give a man an inch and he thinks he’s a ruler...)