In April 2009 the automaker Chrysler filed for Chapter 11 bankruptcy protection amid the broader financial crisis and a collapse in vehicle sales. With financial backing from the United States government, most of Chrysler's operating assets were sold into a new company that was initially majority owned by the autoworkers' retiree health trust and partly controlled by the Italian automaker Fiat.
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The Chrysler 2009 Chapter 11 filing, resolved through a government-backed sale of its core assets to a new entity, is a finance-practice case study in expedited bankruptcy sales.
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1. Wikipedia, Chrysler
WikipediaHistory section, automotive industry crisis of 2008-2010Quote, History section, automotive industry crisis of 2008-2010
filing for Chapter 11 bankruptcy reorganization on April 30, 2009, and participating in a bailout from the U.S. government through the Troubled Asset Relief Program.
1. Wikipedia, Chrysler
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