Obama To Unveil Chrysler's Fate On Thursday

Law360, New York (April 29, 2009, 12:00 AM EDT) -- On Thursday, President Obama will reportedly announce Chrysler LLC’s restructuring plan, which could include filing for Chapter 11 bankruptcy protection, as well as the car maker's merger with Italian automaker Fiat SpA.

In a press conference on Wednesday, Obama did not rule out a Chapter 11 filing for the automaker and said he was “very hopeful” a viable company would emerge from any plan.

Bankruptcy proceedings would be “very quick,” he added, since debt holders already appear willing to make concessions with the automaker.

“I would...
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