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Chrysler Hires Law Firm Jones Day as Bankruptcy Counsel

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RedEarth Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 01:14 PM
Original message
Chrysler Hires Law Firm Jones Day as Bankruptcy Counsel
Source: WSJ

Chrysler LLC has hired the prominent law firm Jones Day as bankruptcy counsel, according to several people familiar with the matter. The firm was hired several weeks ago to help the ailing auto maker prepare for a possible Chapter 11 bankruptcy filing.

A Jones Day spokesperson declined to comment. A Chrysler spokeswoman couldn't be reached.

Chrysler's move suggests the auto maker is preparing for imminent financial failure should its efforts to persuade Congress to deliver federal rescue funds fall short. Chrysler, which is majority-owned by private-equity firm Cerberus Capital Management LP, says it needs a $7 billion capital ...



Read more: http://online.wsj.com/article/SB122849949643583239.html
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Wapsie B Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 01:27 PM
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1. I wonder how all this is affecting sales?
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RedEarth Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 01:35 PM
Response to Reply #1
3. It will cripple sales of new cars
Most people won't want to buy a car from a company in bankruptcy or considering filing for bankruptcy due to warranty and the prospect of lack of replace parts.
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 01:28 PM
Response to Original message
2. So it begins, the final nail in the coffin.
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Critters2 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 01:37 PM
Response to Reply #2
4. Congress needs that money to bailout the next bak that calls Paulson. nt
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