Chrysler’s bankruptcy path is uncharted, but GM could follow
Obama calls his decision to push a Chapter 11 filing on the automaker unfortunate but necessary. The move sends a sharp message to General Motors and its stakeholders as their deadline looms.
Reporting from Los Angeles and Washington Martin Zimmerman — President Obama’s decision to save Chrysler by pushing it into bankruptcy Thursday puts the major U.S. automaker in risky, uncharted territory and could portend a similar outcome for General Motors Corp. as it races to meet its own government restructuring deadline.
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