Chrysler to file for bankruptcy

Some lenders refuse offer to reduce debt, leading to likely bankruptcy filing. But Chrysler expected to remain in business and complete deal with Fiat.

Chrysler will file for bankruptcy, an Obama administration official confirmed to CNN today. The filing will follow failed efforts to reduce the amount of money the troubled automaker owed. Bankruptcy won't mean the end of Chrysler, CNNMoney reports. The administration plans to use the process to merge Chrysler with Italian automaker Fiat.  So what are your thoughts?  Will the same happen to GM and if so what are the benefits to such happening?