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About: Chrysler Chapter 11 reorganization     Goto   Sponge   NotDistinct   Permalink

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Chrysler LLC and 24 of its affiliated subsidiaries filed a consolidated petition for bankruptcy on April 30, 2009, with the federal bankruptcy court in New York. The court filing occurred upon failure of the company to come to an agreement with its creditors for an outside-of-bankruptcy restructuring plan, by the April 30 deadline mandated by the federal government. At the time, Chrysler was controlled by the private investment company, Cerberus Capital Management, which, along with other investors, purchased a majority stake in 2007.