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Just broke on Reuters.
Obama already issued a statement saying that he hopes the process to take 30 to 60 days, so it sounds like prepack. (Even a prepack often takes 90 days, but Obama's paid to be optimistic.) A more typical Chapter 11 can take years. I actually expect some of the holdout lenders to try to make a stand and gum up the works, knowing that the federal government may be willing to sweeten the pot for them to see Chrysler emerge from bankruptcy more quickly. According to the article, the government has already pledged $3.5 billion in debtor-in-possession financing and $4.5 billion in exit financing; it didn't give the terms of those financing deals, though.
This is a major event, but not as big as some are likely to make it out to be, unless it drags on substantially longer than both the administration and the Chryler management (and the network of suppliers, dealers, and subcontractors) hope.
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