Done Deal: Chrysler in Bankruptcy, GMAC To Take Over Financing
It's now official. President Obama announced this morning that Chrysler has entered into bankruptcy proceedings.
His remarks revealed little in the way of new information, but Obama did go out of his way to call out the private equity groups that stood in the way of a reorganization out of bankruptcy. “I don't stand with them,” he said.
Obama went on to say that the bankruptcy “will be quick and efficient,” a promise that will be tough to deliver. He also suggested that Americans who are in the market for a new car should “buy American.”
Also worthy of note, GMAC (formerly known as the General Motors Acceptance Corporation) will take over the retail financing of Chrysler vehicles.
Bloomberg: Obama Says Chrysler Getting “New Lease on Life”
