Obama Said to Ready Plan For Chrysler Bankruptcy, Fiat Alliance

April 29 (Bloomberg) — President Barack Obama plans to announce tomorrow morning that Chrysler LLC will be placed into Chapter 11 bankruptcy leading to an alliance with Italian automaker Fiat SpA, people involved in the matter said.

Administration officials are still trying to resolve outstanding issues, and the plan is not finished yet, said one of the people, who declined to be named. If there’s a bankruptcy filing, it could come as soon as tomorrow, the people said.

To contact the reporter on this story: Michael Ramsey at [email protected]

Last Updated: April 29, 2009 15:31 EDT
By Mike Ramsey and Christopher Scinta

Source: Bloomberg

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