The inevitable has happened and Chrysler is to now enter bankruptcy protection after failing to persuade a number of hedge funds to write off its debts, a White House official has said.
President Barack Obama is due to make a statement shortly on the future of the struggling US carmaker.
The news comes as Chrysler has been in last minute talks to restructure the business before a midnight deadline.
President Obama has already said that Chrysler would emerge stronger after any move into bankruptcy protection. Full story…