Chrysler Expected To File For Bankruptcy

Several news reports say the U.S. Treasury is preparing for Chrysler to file for Chapter 11 bankruptcy protection as early as next week. A bankrupty filing would clear the way for Italian carmaker Fiat to complete its much-talked-about alliance with Chrysler.

Copyright © 2009 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

RENEE MONTAGNE, host:

NPR's business news starts with Chrysler veering towards bankruptcy.

(Soundbite of music)

MONTAGNE: That prospect is edging closer. Several news reports say the U.S. Treasury is preparing for Chrysler to file for Chapter 11 as early as next week. The New York Times reports that the Treasury has an agreement with the auto workers union to protect pensions and retiree health care in the event of a Chrysler bankruptcy. Despite the dire sound of it, a bankruptcy filing would clear the way for Italian car maker Fiat to complete its much-talked-about alliance with Chrysler. Fiat's chief executive is in Washington now. He's also talking about taking over the key European division of General Motors.

Copyright © 2009 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Related NPR Stories

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.