Auto manufacturer Chrysler turned to the Canadian and U.S. governments three years ago for debt relief. The car company filed for Chapter 11 bankruptcy in 2009 and emerged from it the same year, with skeptics in New York and elsewhere doubting the littlest of the "Big Three" automakers could ever be resurrected.

Newly released financial figures show that Chrysler has made a remarkable financial turnaround; scoring a $183 million profit in 2011. It had been six years since the car company, then paired with Germany's DaimlerChrysler, claimed a profit for a full year.

Chrysler officials are not banking on one year's success. The company's CEO is cognizant of the fact that the company lost $652 million in 2010. It took time for Chrysler to adjust to its new Italian majority owners, Fiat. Across-the-board costs were slashed and the Chrysler product line was injected with fresh ideas.

The reorganization paid off with a 2011 revenue increase of more than 30 percent and a 22 percent hike in global car sales.

Part of the reason Chrysler moved so fast through recovery came from lost market shares in the imported car market. Natural disasters in Japan last year temporarily stalled Honda and Toyota sales. And Chrysler rivals GM and Ford will introduce new models this year.

Chrysler's expectations in 2012 include $65 billion in revenue and a $1.5 billion profit depending on a continued sales surge among Chrysler's most popular products. Another wave of new models from Chrysler is due in 2013. Until then, the company head says Chrysler is "taking nothing for granted."

The successful reorganization shows the benefits of filing for Chapter 11. It gives a company the time to shed bad debts and eliminate excessive costs, allowing for an emergence from bankruptcy as a leaner, more efficient company.

Source: New York Times, "Chrysler Ends Quarter With a $225 Million Profit," Bill Vlasic, Feb. 1, 2012