Are Ch 11 Papers Being Drawn Up For Chrysler?

In a shocking, and yet, not surprising move, the Govt. started drawing up Chapter 11 docs for Chrysler.  Or at least that's what the New York Times is reporting.

General Motors Corp. on Thursday did announce plans to shut down 13 assembly plants in North America for "multiple weeks" in the summer to minimize the amount of unsold inventory as they face slowed demand of their product.

All the while they are still trying to negotiate with their creditors in how best to handle the debt.

Meanwhile, NBaP noted that a New York Times article that went to print which is citing anonymous sources that it said possessed "direct knowledge of the action," said the U.S. Treasury is preparing a Chapter 11 bankruptcy filing that could come as early as next week.

They're (Chrysler) is also looking to submit a restructure plan by April 30th in order to qualify for additional bail out money.

So despite the stories and worry, right now there are several viable options on the table that everyone is looking at and no one is writing anyone off yet.

But you can't help but wonder if the big C goes under the Ch 11 gun, what does that mean to our sport?  And who's next, if anyone?

All we can do is hold our breath and wait.  And hope they pull it all together.

For more details check out the Market Watch article.

Of course, I have to taunt you that speaking of change, change is coming to NBaP!  Keep your eyes open!  You may even miss it at first!