It was created by Walter P. Chrysler in 1925 when he renamed the Maxwell Motor Company. From 1998 to 2007, Chrysler was part of DiamlerChrysler, a large German company. Then it was owned by Cerberus Capital Management. Chrysler declared Chapter 11 Bankruptcy on August 30, 2009. In 1979, Chrysler had similar problems. They got 1.5 billion dollars from the U.S. government. Lee Iacocca became CEO. Then, Chrysler created the K-car platform, invented the minivan, and sold many trucks to the army. Chrysler acquired American Motors in 1988, and rebranded the auto company as Eagle. They slowly recovered. Chrysler is currently owned by Italian automotive Fiat, the two companies merged forming Fiat Chrysler Automobiles or F.C.A for short. The company still trades as Chrysler in the United States.