Chrysler LLC filed for bankruptcy protection Thursday and announced it will temporarily halt most of its vehicle production while it completes a deal with Italian carmaker Fiat designed to revive its tattered fortunes.
Stocks rose on Thursday, but were well off session highs, as investors sought to reconcile upbeat corporate profits and reassuring job market data with anxiety about Chrysler LLC’s bankruptcy filing.
Fears that a Chrysler LLC bankruptcy could devastate southeast Michigan and harm Chrysler workers and retirees nationwide were abating somewhat as details of the deal were released Thursday.
In blunt terms, if you own GM stock, this proposal essentially wipes out the value of your holdings.
The Obama administration announces Chrysler LLC will file for Chapter 11 bankruptcy after failing to reach a last-minute deal with debt holders.
