As expected troubled automaker Chrysler has filed for Chapter 11 bankruptcy protection. This was a necessary move in order to get suppliers and unions to renegotiate contracts for the broke car maker. Chrysler Financial will no longer offer auto loans as of today while the firm seeks to restructure. The UAW will receive up to a 40% ownership stake for allowing Chrysler to change its contract terms. The question is now, Can Chrysler become relevant again in the US automotive market?
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