Canada’s industry minister is unable to say if Chrysler will survive and suggested the Canadian government must be prepared for that automaker or General Motors to go into bankruptcy protection.
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Tony Clement told a Tuesday news conference that when the Canadian and US governments rejected the two companies’ restructuring plans last week, they indicated they were willing to look at a range of options, Reuters reported.
Clement’s preference was to have the companies restructure and survive but he added: “We have to ready ourselves for other options, including Chapter 11 in the United States and CCAA bankruptcy protection here in Canada.”
