American Automaker, Chrysler, was established in 1925 and continued independent operations until 1998. After merging with German based, Daimler AG, from 1998-2007, a majority holding in Chrysler was sold in 2007 to Cerberus Capital Management, L.P. The New company took on the name Chrysler LLC. Unfortunately, Chrysler LLC. began to experience substantial financial losses and seemed on the brink of failure in 2008.
On this day, April 30th, in 2009, American automotive company, Chrysler, filed for Chapter 11 bankruptcy. The Troubled Asset Relief Program allowed the United States government to give a total of $12.5 billion to Chrysler in late 2008 and early 2009, but the funds would not save the company. Following the bankruptcy, Chrysler was reorganized with all of the operations and being sold to a new company, Chrysler Group LLC. Chrysler Group LLC was created thanks to a partnership with Italian automaker, Fiat.
Chrysler Group LLC. continues to operate with six active automotive divisions: Chrysler, Dodge, Jeep, Ram, Fiat, and Mopar. Although Fiat initially had a 20% interest in the company, the stake has increased to nearly 60% as of 2011.