Chrysler edges toward quick restructuring in bankruptcy

A bankruptcy filing by Chrysler, followed by what President Barack Obama has indicated he hopes would be a quick restructuring, seemed almost certain after the government's negotiations with some of the automaker's creditors broke down. Members of the United Auto Workers union gave their overwhelming approval to a deal that would give the union a 55% stake in a restructured Chrysler in return for sharp cutbacks in benefits for workers and retirees. If the bankruptcy filing goes ahead, said sources with the Obama administration, the first action will be the removal of Chrysler CEO Robert Nardelli, The Washington Post reported.

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