Chrysler to file for bankruptcy

Chrysler to file for bankruptcy
Backed by $3.5 billion more in aid, Chrysler-Fiat to emerge in 30-60 days
By Justin Hyde and Greg Gardner • Detroit Free Press Business Writers • April 30, 2009

WASHINGTON – President Barack Obama said today that Chrysler LLC will file a historic bankruptcy shortly, backed by up to $3.5 billion in new government aid designed to allow a Chrysler-Fiat partnership to emerge from court in 30 to 60 days.

The move also sends a strong signal to bondholders at General Motors Corp. that the Obama auto task force will act on its vow to take GM into a similar bankruptcy if they do not agree to swap their GM debt for shares in a reworked GM. (cont)

The article further states that the bankruptcy will be filed in New York since they have experience with large bankruptcy filings, and that the warranties on the cars will be covered by the government.

Another Site for Searching Bankruptcies

Havard is working on a Bankruptcy Data Website. Search bankruptcy filings from Jan. 2006 to present and can download the results into Excel.
http://bdp.law.harvard.edu/filingsdb.cfm

Bankruptcy Case Blog

American Bankruptcy Institute Law Review and St. John's University School of Law has a Bankruptcy Case Blog at http://stjohns.abiworld.org/.

The blog is searchable and is separated into different categories:
1. Business Reorganization
2. Consumer Bankruptcy
3. Court Administration
4. Ethics
5. Executory Contracts and Leases
6. Real Estate
7. UCC

Circuit City

It looks like Circuit City is planning to shut down all of their stores. Story from CNNMoney.

Court filing shows bankrupt electronics retailer seeks approval to sell merchandise in its remaining 567 stores.
By Parija B. Kavilanz, CNNMoney.com senior writer
Last Updated: January 16, 2009: 1:31 PM ET
NEW YORK

(CNNMoney.com) -- Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise.

The company said it has 34,000 employees. (cont)

The Money Crisis

CNN Money has a whole section devoted to stories on the developing fiscal crisis.

http://money.cnn.com/news/specials/crisiswallstreet/2008/index.html

and from the SEC:

"Testimony Concerning Turmoil in U.S. Credit Markets: Recent Actions Regarding Government Sponsored Entities, Investment Banks and Other Financial Institutions"
by Chairman Christopher Cox
U.S. Securities and Exchange Commission
Before the Committee on Banking, Housing, and Urban Affairs, United States Senate
September 23, 2008

http://www.sec.gov/news/testimony/2008/ts092308cc.htm

Bankruptcy statistics

From a news release on the U.S. Courts web site:

Bankruptcy Filings Drop 61 Percent in March 2007 12-Month Period
June 27, 2007

In the 12-month period ending March 31, 2007, 695,575 bankruptcy cases were filed in federal courts, according to statistics released today by the Administrative Office of the U.S. Courts. Compared to filings in the 12-month period ending March 31, 2006, when bankruptcy cases totaled 1,794,795, this was a 61 percent drop in filings. The 12-month period ending March 31, 2006, included the surge in filings that occurred prior to the October 17, 2005, implementation date of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). [PL 109-8]

The news release also has links to various statistics you may download.