Chrysler LLC to Shut Down Most Plants from May 4

In both statements released to the press and the firm's employees, Chrysler LLC's outgoing CEO Bob Nardelli announced that while in bankruptcy, most manufacturing plants of the automaker will be temporarily idled. The lockdown will commence on Monday, May 4 and continue for the whole duration of the bankruptcy procedure which is expected to be complete within the next 30 to 60 days.

According to Chrysler, during the bankruptcy period, the company's hourly employees will receive unemployment benefits, as well as supplemental pay that will amount to most of their base wages while company-sponsored healthcare and other insurance coverage will continue.

However, the question that arises with Chrysler's prolonged shutdown is what will happen to the company's U.S. suppliers, given the fact that General Motors has also announced that it will be idling 13 of its North American assembly plants for multiple weeks from May through to July.