(Lee Siler) - This morning the big news will be the imminent bankruptcy of Chrysler. Talks between Chrysler and potential lenders broke off, which will surely send the once big three automaker to reorganize. The discussion with about 40 hedge funds that hold Chrysler debt stalled, as the funds were holding out for a better deal. Those 40 funds represent about 30% of the debt, while four banks account for the other 70%. The four banks had already agreed to erase the debt they hold for about $2 billion.

Read the rest of this entry »