Chrysler concots plan to avoid bankruptcy
It was recently announced that the US government is, yet again, stepping in to help a US automaker from ceasing to exist. The latest news surrounds Chrysler who apparently has $6.9 billion worth of debt owned by banks like Citigroup and JPMorgan Chase.
To make a long story short, the US Treasury is in talks with the creditors behind that debt to cancel it in exchange for $2 billion in cash.
Now this may not seem like a very good deal, but with the state of the economy and the seemingly grim future for Chrysler, this may be in the creditors best interest.
Read (NewYorkTimes)
Tags: bailout, debt, government, treasury department, US