Chrysler on verge of bankruptcy as last-ditch rescue talks collapse:
"Graeme Wearden and Andrew Clark
London Guardian
Thursday, April 30, 2009
The American car manufacturer Chrysler was just hours from bankruptcy this morning after last-ditch rescue talks between its creditors and the US government collapsed.
Hopes that the automaker could avoid going bust were fading after the Wall Street Journal reported that Chrysler’s lenders had rejected a deal that would have reduced its $7bn (£4.7bn) debt mountain.
The Obama administration has set Chrysler a deadline of midnight tonight Washington time (4am Friday GMT) to complete a restructuring, or file for bankruptcy."
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