US President Barack Obama confirmed on Thursday that auto maker Chrysler LLC would go into Chapter 11 bankruptcy and enter a deal with Italy's Fiat to survive.
"Today I am pleased to announce that Chrysler and Fiat have formed a partnership that has a strong chance of success," Obama said. "As part of their agreement, every dime of new taxpayer money will be repaid before Fiat can take a majority ownership stake in Chrysler," Obama said.
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