Chrysler in Trouble
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Chrysler was able to reach an agreement with Fiat and was able to convince UAW and CAW to reduce costs. However, it failed to get all its creditors to agree for debt restructuring. On April 30, 2009, Chrysler, along with its 24 wholly-owned US subsidiaries, filed for bankruptcy protection under Section 363 of Chapter 11 of the US bankruptcy code. As part of its bankruptcy filing, Chrysler announced that it would establish a global strategic alliance with Fiat. The case ends with a discussion on the future challenges for Chrysler.
Chrysler Motors LLC, Bankruptcy Protection, Fiat SpA, Voluntary Employees' Benefit Association, US Treasury Department, Federal Loan, Restructuring Plan for Long Term Viability, United Auto Workers, Canadian Auto Workers, Debt Restructuring, Bob Nardelli, Global Financial Crisis, Business Strategy, Lack of Innovation, Lee Iacocca, DaimlerChrysler Merger, Merger of Equals, Restructuring Plan, Fiat-Chrysler Alliance, Powertrain Technology, Fiat's Global Distribution Network, Strategic Partnership, Winding Up of Operations