Submitted By Paul Wilson:
Chrysler will file for bankruptcy after talks with a group of creditors collapsed just one day before the deadline set by the goverment for a restructuring plan.
The hold out group refused to budge on proposals to reduce Chryler's 6.9 billion in secured debt.
This bankruptcy filing does not spell the end for the nations third largest auto maker.
Chrysler is still expected to sign a deal to partner with Italian company Fiat as part of it's restructuring proposal.
A Chapter 11 filing would allow a judge decide what Chrysler's creditors would be payed back.
While in bankruptcy, Chrysler will still continue to operate.
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