Reuters Photojournalism
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption
The SpaceX mission
A privately owned unmanned rocket blasts off on a mission to be the first commercial flight to the International Space Station. Slideshow
U.S. prepares bankruptcy filing for Chrysler: report
1 of 2. A Chrysler logo on a car at the New York International Auto Show, April 8, 2009.
Credit: Reuters/Eric Thayer
DETROIT |
DETROIT (Reuters) - The Treasury is preparing a Chapter 11 bankruptcy filing for Chrysler LLC that could come as soon as next week, The New York Times reported on Thursday, citing people with direct knowledge of the matter.
The Treasury has an agreement in principle with the United Auto Workers union to protect pensions and retiree health care benefits as a condition of the bankruptcy filing, the paper said.
Italy's Fiat would finalize its alliance with Chrysler while the U.S. automaker is under bankruptcy protection, the paper reported.
Chrysler has until April 30 to complete its partnership with Fiat and win concessions from its first-lien lenders and the UAW, or face a cut-off of government funding and a potential bankruptcy.
The Times said U.S. and Canadian governments were prepared to provide the financing that Chrysler needed to operate while under bankruptcy protection.
Chrysler was not immediately available for comment.
(Reporting by Soyoung Kim, editing by Leslie Gevirtz)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters