Recession
Chrysler Hires Jones Day for Possible Bankruptcy
Chrysler has reportedly hired BigLaw firm Jones Day to help it prepare for a possible Chapter 11 bankruptcy filing, the Wall Street Journal reports.
The paper notes that the firm was hired several weeks ago and suggests the automaker is preparing for a worst-case scenario if Congress doesn’t deliver on a bailout by the end of the year.
Handling the case for the firm will be Corinne Ball, who heads the firm’s restructuring and reorganization practice in New York. She handled the bankruptcy of auto-parts supplier Dana Corp.
Detroit’s three automakers are lobbying Congress for some $34 billion financing to help them weather the deepest recession since the Great Depression.
