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Chrysler CEO admits role of debtholders in spurring bankruptcy

Chrysler CEO Robert Nardelli acknowledged Thursday that a band of investment firms and hedge funds were, in part, responsible for Chrysler’s decision to file for bankruptcy.

“Well, it is somewhat true,” Nardelli told CNBC in an interview this afternoon. “I mean, obviously, my preference would have been not to have to file Chapter 11. My preference would have been to be able to get all of this negotiated outside the courts.”

Nardelli said that the company had worked through the night and morning to come to an agreement with debtholders, an agreement which fell short and led to bankruptcy.

“Obviously, it didn’t work out, and so it’s a card we were dealt,” he said.

Tags Bankruptcy Business Cerberus Capital Management Chrysler Late-2000s financial crisis Nardelli Person Career Quotation Robert Nardelli Robert Nardelli Transport

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