Chrysler is bankrupt. To a British ear that sounds pretty stark, but in the US it means something rather different – ‘chapter 11 bankruptcy‘. It will keep operating, but it will be able to fend off its creditors and try to renegotiate its debts.
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If GM got a bit of a kicking fom the Obama administration, how about Chrysler? The President’s team has said it doesn’t believe Chrysler can survive alone, so if it doesn’t finalise the deal with Fiat within the next 30 days, it gets no more Government money. Which would inevitably leave it bankrupt.
Everyone else is doing it so why shouldn’t we? Let’s try to keep this tight and relevant: what does Barack Obama’s win mean for cars? Well, his general energy plan promises to slash oil use, promote alternative energy sources and put America on the path to cutting greenhouse gas by 80 percent by 2050.
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