Chrysler hires bankruptcy lawyers... you know, just in case
While Chrysler hopes that new testimony hearings this week in front of both the Senate and House of Representatives leads to approval of its request for aid, politicians repeatedly grilled CEO Bob Nardellli on why the automaker's owner, private equity firm Cerberus Capital Management, can't save Chrysler with its own money. The retention of bankruptcy counsel, however, suggests that Cerberus is perfectly willing to let Chrysler enter Chapter 11 bankruptcy rather than infuse it with more of its own cash.
[Source: Wall Street Journal, sub. req'd]
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