Chrysler to declare Chapter 11 bankruptcy - BREAKING
April 23, 2009
The New York Times is reporting that The Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler that may show up as early as Tuesday…. and this may have dire results for Omnicom Group Inc
Already many other manufacturers are looking for other suppliers to get off those suppliers that have a large share of their business from Chrysler… fearing a wave of bankruptcies. “I can’t trust some of my suppliers, 40% of their business comes from Chrysler.. if it folds, so do a bunch of my suppliers” said one unnamed source.
Last we understood BBDO, owned by Omnicom Group Inc was their advertising of record, we can only state that this will be bad for both BBDO and Omnicom Group Inc if Chrysler will go into Chapter 11 bankruptcy. At one point in December Chrysler owed Omnicom 80 million dollars, and a bankruptcy will further expand those problems.
Would you put a year long salary into this?
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