US auto maker, Chrysler has filed for bankruptcy, news media reports. This story by the Associated Press lays out the reasons behind this latest turn of events. Chrysler wasn’t able to make a deal with certain of its creditors, specifically a group of hedge funds. According to the story, they felt they were being unfairly compensated for their investment. President Obama and others have tried to depict the bankruptcy as a somewhat positive step which will give Chrysler time to reorganize. The deal with Fiat is still in the works. Chrysler’s CEO will resign once bankruptcy proceedings are concluded. Many feel this is a harbinger of what will befall General Motors next month when it will have to go back to the government for further funds. While not a global business futurist, one can anticipate seeing GM in bankruptcy in the not too distant future.
Photo of the Day – Orchids at Bronx Botanical Gardens
Tags: Bronx Botancial Gardens, Chapter 11, Chrysler, Fiat, General Motors, Global Business Futurist, Gold Communications, Italy, Orchids, United States
