Chrysler Filing For Bankruptcy

Chrysler is supposed to be filing for bankruptcy either today or tomorrow. The company is no longer solvent and needs to attempt a Chapter 11 reorganization according to sources near Barack Obama. Apparently the US Treasury is offering $2.25 billion in taxpayer funds to have Chrysler’s lenders wipe out its $6.9 billion in secured debt.

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Joel Gross

Joel Gross is the CEO of Coalition Technologies.