Chrysler to get up to $8B from government for bankruptcy - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Chrysler to get up to $8B from government for bankruptcy

WASHINGTON (AP) - Chrysler will file for Chapter 11 bankruptcy protection in New York on Thursday and will be eligible for up to $8 billion in federal aid to rebuild the ailing automaker, according to senior administration officials.

The officials say bankruptcy is necessary after talks with some of Chrysler's holdout creditors over the company's $6.9 billion in debt fell apart last night.

The officials requested anonymity because the details have yet been released.

The nation's third-largest automaker has already received $4 billion in government loans.

The officials say they expect the bankruptcy to last only 60 days, giving Chrysler time to finalize a partnership with Italian automaker Fiat.

Chrysler will continue to make cars and honor its warranties during that time.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • NationalMore>>

  • Senate hopeful Joe Arpaio mum on details of Trump policies

    Senate hopeful Joe Arpaio mum on details of Trump policies

    Tuesday, May 22 2018 7:23 PM EDT2018-05-22 23:23:02 GMT
    Tuesday, May 22 2018 11:36 PM EDT2018-05-23 03:36:07 GMT
    (AP Photo/Matt York). Former Arizona Sheriff Joe Arpaio arrives Tuesday, May 22, 2018 at the Arizona Secretary of State's office in Phoenix to turn in petition signatures in his bid to appear on the ballot in the race to succeed retiring U.S. Sen. Jeff...(AP Photo/Matt York). Former Arizona Sheriff Joe Arpaio arrives Tuesday, May 22, 2018 at the Arizona Secretary of State's office in Phoenix to turn in petition signatures in his bid to appear on the ballot in the race to succeed retiring U.S. Sen. Jeff...
    U.S. Senate candidate Joe Arpaio has pledged his unwavering support for President Donald Trump but is unwilling or unable to elaborate on the president's policies.More >>
    U.S. Senate candidate Joe Arpaio has pledged his unwavering support for President Donald Trump but is unwilling or unable to elaborate on the president's policies.More >>
  • Sheriff: Suspect in Florida standoff, gunfire, found dead

    Sheriff: Suspect in Florida standoff, gunfire, found dead

    Tuesday, May 22 2018 4:02 PM EDT2018-05-22 20:02:53 GMT
    Tuesday, May 22 2018 11:34 PM EDT2018-05-23 03:34:16 GMT
    Multiple law enforcement agencies have surrounded a Panama City, Florida, apartment building where an active shooter is barricaded inside.More >>
    Multiple law enforcement agencies have surrounded a Panama City, Florida, apartment building where an active shooter is barricaded inside.More >>
  • Teen suspect in Maryland officer's slaying held without bail

    Teen suspect in Maryland officer's slaying held without bail

    Monday, May 21 2018 11:43 PM EDT2018-05-22 03:43:29 GMT
    Tuesday, May 22 2018 11:29 PM EDT2018-05-23 03:29:23 GMT
    A 16-year-old boy has been charged with first-degree murder in the slaying of a Baltimore County, Maryland, police officer. (Source: Baltimore County Police/CNN)A 16-year-old boy has been charged with first-degree murder in the slaying of a Baltimore County, Maryland, police officer. (Source: Baltimore County Police/CNN)

    The officer, who wasn't immediately identified, was run over by a Jeep and fatally injured, authorities say.

    More >>

    The officer, who wasn't immediately identified, was run over by a Jeep and fatally injured, authorities say.

    More >>
Powered by Frankly