On April 27, 2009, Daimler AG signed a binding agreement to give up its 19.9% remaining stake in Chrysler LLC to Cerberus Capital Management and pay as much as $600 million into the automaker's pension fund. On April 29, 2009, Bloomberg reported that President Barack Obama would announce a Chapter 11 bankruptcy filing for Chrysler and a partnership with Italian automaker Fiat SpA. Bloomberg however did not include in the article that bankruptcy is only one of two possible outcomes that will be decided April 30th, 2009. One option being a successful alliance with Fiat and the green light for additional government loans, the other is Chapter 11 restructuring and emerging as a new company allied to Fiat. On April 30, 2009 Forbes Magazine reported that the White House has confirmed that Chrysler will file for Chapter 11.
