Chrysler: The Treasury Department is directing Chrysler to prepare a Chapter 11 bankruptcy filing that could come as soon as next week that would protect pension and retiree health benefits, the New York Times reported.
General Motors: The company announced Thursday that it will shut down 13 assembly plants for up to 11 weeks this summer. It is expected to disrupt the lives of nearly 24,000 workers and damage part suppliers, local businesses and state economies. GM is living on $13.4 billion in government loans and faces a June 1 deadline to cut its debt and reduce labor costs. If it doesn't meet the deadline, the company's CEO has said it will enter Chapter 11 bankruptcy protection.
Ford: The company, which will hand in its first-quarter report today, has not posted an annual profit since 2005. Ford, which is not receiving government aid, is asking its dealers to make concessions that could save the company $600 million a year. It also said Thursday that it expects to get the same deal as GM and Chrysler if unions give more concessions.
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