A few minutes ago, Barack Obama began announcing that Chrysler enters Chapter 11 bankruptcy, but with the support of the agreeable lenders and shareholders, with JP Morgan, Fiat [FIATY], Daimler (Mercedes-Benz) [DAI], the Canadian government, Chrysler management, and the unions onboard with the announcement.
This is certainly interesting: there is a hoped-for accelerated reorganization that, Obama mentioned, would “deal” with the hold-out money lenders (while he did not name any specific targets, Obama mentioned hedge fund managers and “certain” investment banks). In the meantime, greener tech from Fiat is expected to be imported into Chrysler to jump start innovation in the company, with the expectation that newer, more fuel-efficient and ecology-friendly products would be released.
Bob Nardelli on CNBC interview, 4/30/2009
N.B.
Robert Nardelli, the current CEO of Chrysler, is expected to leave once the company leaves Chapter 11 (good or ill).
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Wonder if there will be green car stereos for old 300M’s?