Chrysler

About Chrysler

Chrysler filed for Chapter 11 bankruptcy on April 30, 2009. The US government provided 8 billion in financing to facilitate the bankruptcy. Italian automaker Fiat acquired a 20 percent stake in Chrysler without paying cash, in exchange for technology and management. The United Auto Workers retiree trust received a 55 percent stake. The bankruptcy was completed in 42 days. Chrysler had been acquired by private equity firm Cerberus Capital Management in 2007 for 7.4 billion. Cerberus lost its entire investment. The Obama administration used TARP funds to finance the restructuring. Fiat gradually increased its stake and acquired full ownership of Chrysler in 2014. The rescue preserved approximately 300,000 jobs.