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In an extraordinary move, President Barack Obama forced Chrysler into federal bankruptcy protection so that United Automobile Workers, through their retirement plan, could possibly take control of their auto company and forge an alliance with Italian automaker Fiat, according toÂ The New York Times.
It’s a “stark moment” meant to save the nation’s third-largest automaker, a company that invented the minivan and owns the Jeep brand. Looking back at the company’s history,Â The Wall Street Journal writes that “strange things happen on planet Chrysler.”
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The Chapter 11 filing yesterday, meant to keep creditors at bay, is expected to result in the closure of some of the 44 Chrysler dealers across the state. “How many, and when, no one knows,” writes theÂ Denver Business Journal. Dealers in Colorado Springs, however, are optimistic that Chrysler will have a new lease on life, according toÂ Fox21.