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Chrysler seeks survival through bankruptcy

Chapter 11 bankruptcy protection in New York on April 30, after a group of creditors defied government pressure to wipe out Chrysler's debt. The company plans to emerge in as little as 30 days as a leaner, more nimble company, with Italian automaker Fiat potentially becoming the majority owner in the future.

In return, the federal government agreed to give Chrysler up to $8 billion in additional aid and to back its warranties.

Meanwhile, Porsche SE announced May 6 it agreed to move toward creating a new, combined company with fellow German automaker Volkswagen AG. (AP)

Shukan ST: May 15, 2009

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World News Chrysler seeks survival through bankruptcy Chapter 11 bankruptcy protection in New York on April 30, after a group of creditors defied government pressure to wipe out Chrysler's debt. The company plans to emerge in as little as 30 days as a leaner, more nimble company, with Italian automaker Fiat potentially becoming the majority owner in the future. In return, the federal government agreed to give Chrysler up to $8 billion in additional aid and to back its warranties. Meanwhile, Porsche SE announced May 6 it agreed to move toward creating a new, combined company with fellow German automaker Volkswagen AG. (AP) Shukan ST: May 15, 2009 (C) All rights reserved