The deal was less generous than terms given to the government and the UAW. A bankruptcy filing within a week is nearly certain. General Motors Corp. announced today that its offer to bondholders to exchange their debt for equity in the company had ended with "substantially less" participation than required by the Obama administration, likely guaranteeing a bankruptcy filing for the legendary automaker within the next week.
Chrysler in court for key bankruptcy hearing
The future of Chrysler hung in the balance as it made its case in bankruptcy court to sell the bulk of its assets to a group headed by Italy's Fiat in hopes of saving itself from liquidation.
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