Chapter 11 Bankruptcy | featured news

The fate of Chrysler shifted from Washington to a Manhattan courtroom on Friday, as lawyers for the automaker sought a settlement with creditors.

With a bankruptcy filing by Chrysler appearing all but certain, President Obama will address the fate of the automaker at noon.

Under bankruptcy plan government is preparing, Fiat management would take control, sources say.

The Treasury Department has sweetened its offer to holders of Chrysler’s secured debt in a last-minute attempt to keep the iconic American automaker out of bankruptcy court, according to people briefed on the matter.

Shares go on a roller coaster, first dropping sharply on reports that bondholders were pushing to force the company into Chapter 11, and then rising fast on news that it cut a deal with its joint-venture partner on its multibillion-dollar CityCenter project.

The Sun-Times Media Group, owner of the Chicago Sun-Times and dozens of suburban newspapers, has filed for bankruptcy protection from creditors.

General Motors Corp.'s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations, and the company said it may have to seek bankruptcy protection if it can't execute a huge restructuring plan.

Trump Entertainment filed for Chapter 11 protection after its board authorized the filing in a pre-emptive move.

Group says it will push to oust company's CEO if he cannot find an investor to save it.

GM's viability plan will offer the U.S. a choice to commit billions more in bailout money or provide financial backing as part of a bankruptcy filing.