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Almost 3 years back Chrysler LLC and Fiat S.P.A. formed an alliance that wasn’t announced formally till Chrysler declared bankruptcy. Fiat eventually purchased around 30% shares of the Chrysler Group. Though they wanted to buy 51% stock, this wasn’t possible since Chrysler owed the U.S. Government debts which needed to be repaid before the purchase could happen. Despite their sticky situation, Los Angeles based bankruptcy law firm Recovery Law Group says, the Chrysler Group reported a profit of $183 million which is a dramatic improvement from their $652 million loss incurred during 2010.
Though, they have made certain progress, being able to reach the top position again will require time and continuous efforts. This is an inspiration to many people who have had to choose bankruptcy to get rid of debts. If a big business such as Chrysler Group can turn the tide and become a profitable venture after bankruptcy, so can you. To know more, you can call 888-297-6023 and to get a free consultation with experienced bankruptcy lawyers.