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.
Thanks for the comment, Jeff. (I had a hunch you might offer some feedback on this one.) It seems like the service is geared toward lessees with higher-end vehicles. Among the examples listed on the site are a $27,000 SUV that sold at auction for $18,000 and a $52,500 Mercedes Benz S 500 that sold at auction for $22,000 (it was repossessed, not lease-end).
I hear you on the fact that there would be a good number of vehicles that wouldn’t make it to auction. But for those that do, I don’t think the average consumer has any idea how to go about figuring out where to find them.