Chrysler files for Chapter 11 bankruptcy

The AP reports:

Under bankruptcy, Chrysler would still sell cars and the government would back its auto warranties. But Chrysler said Thursday that it will idle its plants during the legal proceedings. The company's chief executive, Robert Nardelli, said in an e-mail to employees that he will leave when the bankruptcy is complete.

When that occurs, the United Auto Workers union would own 55 percent of the Auburn Hills, Mich.-based automaker and the U.S. government would own 8 percent. The Canadian and Ontario governments, which are also contributing financing, would share a 2 percent stake.