By: Sara Sindelar
Chrysler filed for bankruptcy back in April and have been dealing with the roller coaster ride of bankruptcy. The company sold all of their assets to the automaker Fiat back in April. Last month, Chrysler documented a net loss of $344 billion. The government, creditors, debtors and Chrysler have been working through this bankruptcy since April with a lot of back and forth and arguing.
This past week there has been a heated debate between sides at the Turnaround Management Associations annual conference. They are trying to conclude if the government’s involvement is too much. They were in court re-debating if selling Chrysler to Fiat was a good idea. For adults in such a professional setting things got very heated in this debate about if or it not the government’s involvement is against the Bankruptcy Code. There seems to be continuous hostility between the sides Thomas Cullen and Thomas Lauria over the issues of this Chrysler bankruptcy.
The bankruptcy details have awhile to fill in and be fixed along with the rest of the auto industry. This economy will continue to cause companies to file bankruptcies and creditors to ask for the money. All we can do it work through them and hope for the best while working through them in the least hostile way.
http://www.nytimes.com/2009/05/01/business/01auto.html
http://blogs.wsj.com/bankruptcy/2009/10/09/sparks-fly-in-chrysler-debate/
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYWWNSAS8yRk
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