Chrysler, America's third largest car company, has filed for bankruptcy, according to US officials. The company had until today to find a way of merging with Fiat. At least three of Chrysler's 46 lenders have refused to accept a deal to exchange a total of $6.9 billion in debt for $2 billion in cash. The Treasury Department on Wednesday raised that offer to $2.25 billion, but withdrew after some lenders rejected it.
Things looked up in 1998, when it was sold for $36 billion to Daimler-Benz -- but that tie-up that ended in 2007, when the German afirm sold Chrysler to Cerberus Capital Management LP in a $7 billion deal. Note EU-Digest: Cerberus Capital Management, L.P., along with its affiliates, is a large private investment company. Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus holds controlling or significant minority interests in companies around the world. Cerberus is headquartered in New York City with affiliate and/or advisory offices in the United States, Europe, the Middle East and Asia.
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