Daily Auto News Obama Expected to Announce Chrysler Bankruptcy at Noon
Daily Auto News

According to reports from multiple media sources, President Barack Obama will personally announce that Chrysler has filed for Chapter 11 bankruptcy protection at noon Eastern time today. The move does not mean Chrysler will cease operations or be liquidated. Instead, it protects Chrysler from creditors while the automaker takes steps to reorganize and negotiate a partnership agreement with Italian automaker Fiat.

