Filed under: Government/Legal , Chrysler, LLC. , Earnings/Financials President Obama has just concluded a televised press conference where he announced that Chrysler will indeed head into Chapter 11 bankruptcy proceedings almost immediately. As part of the same announcement, he noted that the Auburn Hills automaker has reached terms with Fiat and will be headed into a partnership agreement that will include a cash infusion and technology transfers. By some estimates, the restructuring is expected to take 30-to-60 days. The announcement came after late-night talks with a small group of creditors broke off before a restructuring plan could be reached

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Obama announces Chrysler bankruptcy, deal with Fiat; Nardelli out soon *UPDATED

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