Sunday, April 26, 2009

Today's rumors might turn official by tomorrow : U.S. reportedly preparing Chrysler for bankruptcy; and GM ending Pontiac brand

Tomorrow might be a very important day for the automotive world. As Obama's Auto Task Force administration deadline coming close, rumors on the streets are out. Today we've got two life-changing rumors, that might transform into official statements by tomorrow!
The first story that comes from The New York Times, says that the Treasury Department and Chrysler are readying Chapter 11 bankruptcy documents for filing. In fact, despite their new relationship with Fiat, NYT says that Chrysler is already in bankruptcy court, for a $7 billion recharges for the lenders. -The New York Times-

UPDATE - Chrysler just responded to NYT reports, and assured that Chrysler still working on their viability plan with Fiat alliance, for the April 30 Presidential Auto Task Force deadline for Chrysler.

On the General Motors hand, there's their viability plan to issue here. To drop down costs, and convince the Auto Task Force for the loans, GM will probably announce tomorrow a new reorganization plan, which will very likely mean the end for the Pontiac brand; that's according to Inside Line. However, a press man from GM did not confirm any of it and said: “There’s nothing I can share with you at this time. Keep your eyes on our media site. Officially, nothing has changed with Pontiac’s niche-brand status, until you hear differently.” So Pontiac is not dead yet, but not optimistic either. -Inside Line-

Until we hear the whole truth, everything is safe! So keep visiting our site tomorrow for more, and maybe official reports.

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