Thursday- In the long and innovative history of Chrysler, one of the longest Detroit city automobile company, has signed legal papers that officially announce their chapter 11 bankruptcy throughout the company. Affected by the economical struggles that the United States are facing at this time, Chrysler companies all over the world have pulled production rates due to the $6.5 billion dollar debts owed to different suppliers and companies throughout the world.
The newly elected American government has joined forces with Canadian and Ontario governments that will supply Chrysler with $10 billion dollars that contains a promise of a 10 per cent equity stake in Chrysler. The United States will receive eight per cent of Chrysler, while Canada and Ontario will jointly hold a two per cent interest. Many Canadians have questioned why this American company has any significance with the people of Canada, and our welfare. "We're in extraordinarily unusual times," Harper said. "Given the options we had, this is the best package, this is the best solution. It will ensure a viable Chrysler. And it will ensure a viable sector coming out of the recession, which Canada must have." What most Canadians don't understand is the fact that Chrysler offers 10,000 Canadian employees, and suppliers that would have lost their jobs if the support of the government wasn't involved.
Chrysler now has "a chance not only to survive but thrive"said the Whitehouse, which are supporting the company with open hands, and are letting the public know about plans with the million dollar international car company Fiat. In conclusion, this great North America bond could help save a company, jobs of many Canadians, and develop a new partnership that could boost the amount of income from the automobile sales, that the Asian companies are thriving in, that are so high in British Columbia. "Chrysler was once one of the world's foremost automotive companies," Harper said. "As a result of this restructuring plan and its new partnership with Fiat, we're confident it can become one again."
http://www.vancouversun.com/business/Chrysler+files+bankruptcy+protection/1550932/story.html
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