The Treasury Department is preparing a bankruptcy filing for Chrysler, the New York Times reports, though it wasn't immediately clear how serious the Obama Administration is about following through with that plan.
The Times, citing sources with knowledge of the process, reports that an agreement was reached with the United Automobile Workers union to protect pension and retiree health care benefits in the planned Chapter 11 filing, which could come next week.
An administration official reached by FOX Business urged caution on concluding a bankruptcy was imminent.
"It should surprise no one that the administration is planning on contingencies, but we remain focused on the goal and engaged with all stakeholders to bring Chrysler and Fiat to a working partnership," the official said. - FOX News Story
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