If you remember we bailed Chrysler out not long ago under the reasoning that bankruptcy would destroy their brand/business and the money would save them from facing that consequence. Well that worked well.
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Chapter 11 isn’t Chapter 7. It permits Chrysler to restructure, obtain relief from creditors, and re-emerge from a rapid, fast-track bankruptcy as a stronger concern with a clean slate and hopefully a new, Italian partner. Best thing that ever happened to Chrysler since Carter bailed them out in the early 80s.