“The deal clears the way for a new, leaner Chrysler Group LLC to emerge from bankruptcy protection minus billions in debt, 789 underperforming dealerships and burdensome labor costs that nearly sank the storied automaker.” Link
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Supreme Court Delays Chrysler Sale
The Supreme Court has granted a requested delay in the sale of Chrysler to Fiat…
Supreme Court Asked To Block Sale Of Chrysler To Fiat Continue reading ‘Supreme Court Asked To Block Sale Of Chrysler To Fiat’
“The Treasury Department is preparing a Chapter 11 bankruptcy filing for struggling U.S. automaker Chrysler that could come as soon as next week, according to a New York Times report.” Link
“Chrysler LLC on Friday received an initial $4 billion emergency loan from the U.S. government, two days after the government completed a parallel payout to its larger rival General Motors Corp.” [Link]
“President Bush will make a statement on the rescue plan at 9 a.m. Friday. Under the plan, General Motors and Chrysler will be able to make it into the new year when President-elect Barack Obama takes the reins of power. According to ABC News, which first reported details of the plan, the loans come with strings attached. The automakers will need to restructure, getting tough concessions from creditors, suppliers, and the labor union.” [Link]
“Chrysler said on Wednesday that it would close all of its factories for at least one month, starting at the end of this week, in response to plunging vehicle sales in the United States” [Link]
“General Motors Corp. and Chrysler LLC have held preliminary talks about a merger or an acquisition of Chrysler by GM, according to published reports Saturday. The Wall Street Journal, citing people it described as familiar with the discussions, said Cerberus Capital Management, the private equity firm that owns 80.1% of Chrysler and 51% of GMAC Financial Services, proposed trading Chrysler’s automotive operations to GM. The Journal said Cerberus would receive GM’s remaining 49% stake in GMAC.” [Link]
