Chrysler LLC. will file for Bankruptcy in only a few short hours after President Obama made the announcement of a potential merger between Chrysler and Fiat. The government will then release $3.5 billion dollars to Chrysler, in order for them to successfully merge with Italian based auto company Fiat.
Chrysler will head into a New York Federal Court building today to officially file for Chapter 11. Yet to be confirmed, sources close to Chrysler believe that more than 3,000 dealerships across the United States will be closed.
The 85 year-old carmaker is in deep debt with creditors and the $3.5 billion dollars from the government is meant to assist in operations throughout the bankruptcy procedures.
(Photo by Stevendepolo on Flickr)
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