Friday, June 5, 2020
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Rumors have it that President Obama is going to announce that Chrysler is going to follow the alliance with Fiat and will file for Chapter 11 bankruptcy. It makes sense. Apparently 20% of the company will go to the Italians, 55% will go to an union retiree health-care trust fund (who will own Chrysler’s best assets), while the rest would be the state’s stake in the business. And altough the negotiations are not yet over, the Obama administration is likely to announce everything (including the U.S. Treasury’s $2.25 billion offer), tomorrow. It’s quite interesting to see what’s going to happen now with all the big boys in the auto industry.