Just saw on the Dow Jones Newswire that some sort of agreement has been made for Chrysler to enter Chapter 11 Bankruptcy. Not sure if the deal was struck between the company and auto-task force and with the bondholders or the company/auto-task force and the UAW. More to come.
UPDATE: Just as I was to hit the post button, CNBC is now reporting the same thing. CNBC (and now updated Dow Jones Newswire) is that it is a deal between the Treasury and the UAW. It will be a prepackaged bankruptcy.