The automaker filed for bankruptcy protection on Thursday.
Wired PR News – The third largest automaker in the United States has filed for Chapter 11 bankruptcy protection. As reported by the Associated Press (AP), Chrysler resorted to filing on Thursday as part of an effort to restructure and become a more self-sufficient company. A bankruptcy court hearing is scheduled for Friday.
Several workers in Chrysler plants were sent home on Thursday, and remain fearful of what the bankruptcy will mean for the future of their jobs. Seven-year employee Steve Grabowski is quoted in the report as stating, “A lot of us are scared… We knew something like this was going to happen, but we didn’t think it would be so soon.”
As noted in the report, part of Chrysler’s restructuring plan includes forming an alliance with Fiat, an Italian automaker. The federal government is reportedly granting the company $8 billion in assistance as part of an agreement.
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