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Chrysler is filing for Chapter 11 bankruptcy protection, President Barack Obama has confirmed.

The decision has been made at the behest of the US president, after Chrysler failed to meet his administration's deadline for turning itself into a viable business.

Announcing the decision, Obama, who famously owned a HEMI-powered V8 Chrysler 300C before taking office, said: "The necessary steps have been taken to give one of America’s most-storied companies a new lease on life."

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 The possibilities here are endless. Cant see American consumers rushing to buy re-badged Pandas or Puntos , but if Fiat also get their hands on Opel we might see Chrysler-badged Insignias being sold against GM products. Or how about a 300c with a V12 under the bonnet?

 Such a pity there was such an exodus of talent from Chrysler under Daimler-Benz ownership, even though Chrysler benefitted from access to Mercedes hardware.

As I've said in another post here, one very intriguing possibility: the Ford Ka will be sold in the USA. 

How? Since Fiat is very likely wanting to use a former Chrysler plant to build the US version of the Nuova 500, in order to justify the high retooling cost they will have to build another model that shares the platform with the Nuova 500: the second-generation Ford Ka.

 

 

"Chrysler’s best assets are expected to be sold to a new entity that will have an ownership structure agreed with Fiat, while its debtors will be given US treasury compensation."

 Actually it's 'creditors' will be given compensation, not debtors.