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Chrysler to ally with Fiat, file bankruptcy

by Bill Cawthon on

The Wall Street Journal is reporting that Chrysler and Fiat will complete an alliance today that will include the Detroit automaker filing for Chapter 11 bankruptcy as part of the restructuring plan.

While key labor agreements were ratified and Chrysler’s four major creditors had agreed to a reduction in Chrysler’s debt, negotiations with Chrysler’s other creditors, including several hedge funds, broke down late Wednesday, making a bankruptcy filing all but inevitable. Treasury officials believe that the bankruptcy proceedings could be completed in a matter of weeks.

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for just-auto.com, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.


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