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Thursday, April 23, 2009

 

chrysler to file bankruptcy next week


on the heels of a GM death rattle comes this via zero hedge.

Some analysts questioned whether the Treasury’s steps to prepare a bankruptcy case were an effort to put more pressure on lenders, with which it has exchanged proposals meant to reduce Chrysler’s debt. Chrysler faces an April 30 deadline from the Treasury, while G.M. faces a June 1 deadline in its own efforts to draft a new restructuring plan.


to these amateur eyes, chances look good that chrysler never makes it out of bankruptcy. but the idea is, as calculated risk notes, to launder chrysler through chapter 11 with fiat taking the assets, the government taking the pensions and the bondholders getting the shaft.

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