Chrysler goes belly up

jagman said:
Squiddly said:
I wanted a Dodge Ram, too :( .
I'm sure there will be lots of them going cheap right now. Chrysler had no problem building cars, just nobody buying them....
With Rams coming in a range of engine sizes, from 3.7L to 8.3L, I don't think it'd be economic to run one at the minute :twisted: .
Filing Chapter 11 will protect the business from bankruptcy proceedings by its creditors, while it works out how to restructure its business in such a way as it can emerge as a viable business again on emergence the business is responsible to a team who will ensure it is following its business plan to a) pay off all its outstanding debts, b) to fulfill the terms of any loans/budgets that the business used to restructure. Full bankruptcy is extremely rare in the USA and is known as filing Chapter 7.

It is a better method of restructuring a business than that employed here, as it gives the creditors a fighting chance to regain payment. If Chapter7 is filed creditors would gets cents on the $ if anything at all.

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