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Chrysler set to deploy bankruptcy air bag

Posted on April 30, 2009 12:45 PM
President Obama said Thursday that Chrysler LLC will drive into Chapter 11 protection after a last-minute scramble to get the automaker's lenders to agree to an out-of-court restructuring proved unsuccessful.

The ailing Auburn Hills, Mich., automaker is expected to file for protection from creditors likely in the U.S. Bankruptcy Court for the Southern District of New York. The move would end a valiant effort to avoid a filing.

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