Reuters ahead on key turns on the Chrysler & GM saga

Reuters was first on April 24 with news that that Chrysler’s major lenders had come back to the bargaining table in what would prove to be a failed effort to keep the automaker out of Chapter 11. Reuters was first again on April 26 that the union leadership had clinched a cost-cutting deal with the automaker that sets it up to take control of Chrysler with a 55-percent equity stake. Reuters was alone on April 26 with news that GM would detail sharp new operational cuts at the same time that it would launch a debt-for-equity exchange in its own final push to avoid bankruptcy. We were way ahead on April 29 to name the Chrysler creditors who held out for better terms from the US Treasury, a standoff that prompted US officials to push the company into Chapter 11 a day later.