According to the WSJ Chrysler will file for a Chapter 11 bankruptcy. President Obama is set to speak at noon about the car industry.
The negotiations with lenders about cutting the debts have failed.
It tough to say what will happen with Chrysler under the Chapter 11 bankruptcy protection.
It will be interesting to hear what President Obama is saying about the future of Chrysler. The car industry has to change dramatically to be sustainable in the future. Update: Chrysler enters partnership with Fiat to create a new company. Via this Chrysler announcement.