Report: Chrysler hires law firm as bankruptcy counsel

According to the Wall Street Journal, Chrysler has hired prominent law firm Jones Day as its bankruptcy counsel. Sources familiar with the matter said that the firm was hired several weeks ago to help the automaker prepare for a possible Chapter 11 bankruptcy.

WSJ said that a Chrysler spokeswoman couldn’t be reached and the Jones Day declined to comment on the report.

So far what we’ve learned from reports, Chrysler is considering a merger with GM and is asking for $7 billion by the end of this month.

Source: WSJ