A day after appealing to the Senate Banking Committee for funds it needs to operate, Chrysler LLC has hired bankruptcy law firm Jones Day to prepare for a possible Chapter 11 filing, according to a report in the Wall Street Journal.
In an interview with CBS News yesterday, Chrysler CEO Robert Nardelli said that a bankruptcy “would cause tremendous dislocation in healthcare, pension, wages, suppliers.” It would cost “two to three times more than what we’re asking for, up front,” he added.
Auto industry testimony continues on Capitol Hill. To watch the hearings live, click the link on this page.
