President Obama said the Chrysler bankruptcy process will be "quick" and will not disrupt Chrysler operations. In midday remarks, he said that thanks to sacrifices by the company, employees and big debtholders -- and an alliance with Fiat -- the "necessary steps have been taken" to give Chrysler "a new lease on life." He also said that GMAC has agreed to finance Chrysler sales.
Chrysler [has filed for] Chapter 11 bankruptcy April 30 as its deadline for restructuring looms. The news dominates headlines in today's business press and takes shape as the answer to the long-speculated question: What the hell will happen to Chrysler?