It will take nothing short of a miracle for Chrysler LLC to make a quick recovery as it began bankruptcy proceedings yesterday. After failing to meet the US Government’s deadline to restructure, Chrysler hopes to turn things around by selling its assets to form a new company to be owned by the Government, FiatSpa, and the United Auto Workers Union.
It’s not certain if this plan will be approved, and even if it is, Chrysler may have a tough time finding buyers for the unpopular European cars that it plans to market after its reorganization.
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