Chrysler files for bankruptcy
Some lenders refuse offer to reduce debt, leading to Chapter 11 bankruptcy filing.
The bankruptcy filing, which was made in federal court in New York, comes after some of Chrysler's smaller lenders refused a Treasury Department demand to reduce the amount of money the troubled automaker owed them.
"There are a lot of people that have laid claims to Chrysler, and it seems that there is just not enough to go around," he said. "I do not think that Chrysler will ever regain the aura it once had, and I doubt it will be a major player on the world stage in the years to come."