The Obama administration put out a statement blaming bondholders for potentially pushing Chrysler into bankruptcy. The bondholders, quite logically, probably they will get a better deal from a bankruptcy judge than from Obama. If I were them, I’d tell him to stick it and take my chances in court.
As Bob Dylan croaked “when you ain’t got nothin’, you got nothin’ to lose…”
The market will likely take a Chapter 11 in stride as it will be deeply restructured one way or another…
