Chrysler Bankruptcy!!!!Is GM following Chrysler???

“Despite substantial progress on many fronts, Chrysler was not able to obtain the necessary concessions from all of its lenders, which would have avoided the need for a bankruptcy proceeding.  As a result, under the direction of the U.S. Treasury, Chrysler LLC and 24 of its wholly owned U.S. subsidiaries today filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in U.S. Bankruptcy Court for the Southern District of New York.

“Even though total agreement was not possible, I am truly grateful for all that has been sacrificed, on the part of many of Chrysler’s stakeholders to reach an agreement in principle with Fiat,” said Nardelli. “My number one priority has been to preserve Chrysler and the thousands of people who depend on its success.  While I am excited about the creation of the global alliance, I am personally disappointed that today Chrysler has filed for Chapter 11. This was not my first choice.” ”

The above passage were taken from http://www.chryslerllc.com/en/news/

It reads “We are building a vibrant new car company“….quite an inspirational homepage…

We cannot state the work and pressure that were experienced by Robert Nardelli and his team…

The 47th governor of Michigan, Jennifer M. Granholm’s work so far is truly outstanding in helping out the big threes and protecting the interests of the employees and their families.
At times, i have wondered and feel when will my country going to get the statesmen and women like them…

What puzzles me is how does Lehman‘s bankruptcy different from Chryslers’ though both are filed in Chapter 11 and moreover i am worried about whether General Motors will follow the Chrysler’s steps???

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s