Chrysler LLC

U.S. automotive company, first incorporated in 1925 as Chrysler Corp. It was founded by Walter P. Chrysler (1875–1940), who built it into the country's second largest automobile manufacturer, noted for its Plymouth, Dodge, Chrysler, and Jeep vehicles. In 1980 the corporation was rescued from the verge of bankruptcy by a government bailout organized by Lee Iacocca. Chrysler Corp. merged with the German automaker Daimler-Benz (see Daimler) in 1998 to become DaimlerChrysler AG, but the two companies separated in 2007, when Cerberus Capital Management, a private equity firm, acquired a controlling interest in Chrysler. The reorganized Chrysler LLC retained all its brands except Plymouth, which had been retired in 2001. In December 2008 the company received a government loan from the Troubled Assets Relief Program (TARP) to avoid bankruptcy. After creditors refused to restructure the automaker's debt, however, Chrysler filed for Chapter 11 bankruptcy protection in April 2009.