As talks with creditors aimed at reducing its huge debt burden have failed, Chrysler will file for bankruptcy protection, officials said on Thursday.

In February, the Obama administration rejected Chrysler's restructuring plan and gave it until April 30 to cut a deal with Fiat. Mere days before the deadline, and facing rumors of a Ch. 11 filing, the UAW has reached an accord with Chrysler and Fiat.

The feds are pushing troubled automaker Chrysler to file for chapter 11 bankruptcy protection, the New York Times reported today. This could happen as early as next week, according to the report.

A recent opinion piece in the Wall Street Journal claims that Senate Assistant Majority Leader, Dick Durbin, is using his control of the Senate calendar to break down resistance to a change in the bankruptcy laws that was passed in the House or Representatives but stalled in the Senate by the threat of filibuster.

Today General Growth Properties, the parent company of major retail outlets and malls nationwide declared bankruptcy. GGP says broken credit markets require it to reduce and restructure debt.

Whatever happens, whatever comes, there are only 4 simple rules you need to know and implement: you need money to produce, you need money to survive, you need consumers who have money to buy your products and services, you need to conserve your habitat before it's too late. So how can you implement this simple 4 rules? How and where are you going to get this treasuries?

Bearingpoint Chapter 11 bankruptcy protection will only apply to company U.S. operations and not the international operations, underscores Bearingpoint CEO in a video message. Despite Chapter 11, the company will operate as business as usual.

General Motors faces a Tuesday deadline to present a viability plan to the U.S. government as a condition of the loans it has been given; according to the WSJ (sub. required) one option it is weighing is Ch. 11 bankruptcy.

The state of California began its series of "furlough Fridays." The state is nearly out of cash, and Governor Arnold Schwarzenegger has issued an executive order in an attempt to save the state from bankruptcy.

Circuit City, which entered Chapter 11 bankruptcy protection in November, announced on Friday that has taken steps, including filing papers with the Bankruptcy Court, to begin the process of liquidating assets.

Nortel* Networks Corporation [NYSE/TSX: NT] announced that it, Nortel Networks Limited ("NNL") and certain of its other Canadian subsidiaries will seek creditor protection under the Companies' Creditors Arrangement Act ("CCAA") in Canada.