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Thread: Chrysler bankrupt, Obama to make announcement april 30

  1. #1
    Elite Member Grimmlok's Avatar
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    Lightbulb Chrysler bankrupt, Obama to make announcement april 30

    April 29 (Bloomberg) -- President Barack Obama aims to announce tomorrow that Chrysler LLC will be placed into Chapter 11 bankruptcy, leading to an alliance with Italian automaker Fiat SpA, people involved in the matter said.

    Administration officials are still resolving outstanding issues, and the plan isnít finished yet, said one of the people, who declined to be named because discussions are private.

    As part of ongoing negotiations, the U.S. Treasury raised its offer to Chryslerís lenders, offering them $2.25 billion in cash to forgive $6.9 billion in secured debt, two other people familiar with the matter said. The previous offer had been for $2 billion in cash.

    Any bankruptcy filing could come as soon as tomorrow, people familiar with that matter said.

    Chryslerís best assets would be sold to a new entity that would have an ownership structure similar to that envisioned in an out-of-court deal between the Auburn Hills, Michigan-based automaker and Fiat, based in Turin, Italy, the people said.

    The Italian company would become a 20 percent owner of Chrysler, and a union retiree health-care trust fund would own 55 percent, with the rest of the company staying in the governmentís hands initially, the people said.

    Progress Made

    Chrysler has made progress in out-of-court restructuring, including reaching labor deals with the United Auto Workers union and Canadian Auto Workers on new contracts. Chief Executive Officer Bob Nardelli said today in a memo to employees that the company is waiting to hear whether its 46 lenders will agree to take cash to wipe out $6.9 billion in secured debt.

    Calls and e-mails to Chrysler spokeswomen, Lori McTavish and Shawn Morgan, seeking comment werenít immediately returned. Jenni Engebretsen, a Treasury spokeswoman, didnít immediately return an e-mail seeking comment.

    One issue remaining is the U.S. governmentís effort to combine Chrysler Financial and GMAC LLC, the lending units affiliated with Chrysler and General Motors Corp.

    The idea is to ensure that Chrysler has a well-capitalized credit arm, as required by Obamaís automotive task force, said people familiar with the situation.

    Sheila Bair, chairman of the Federal Deposit Insurance Corp., has expressed concern that such a combination would involve her agency guaranteeing its debt, according to two people familiar with her views.

    Bair is reluctant to be drawn into bailing out auto-finance companies to the potential detriment of the FDICís deposit insurance fund, according to the people, who asked not to be identified because the discussions are private.

    Andrew Gray, an FDIC spokesman, Amber Gowen, a Chrysler Financial spokeswoman, and Gina Proia, a spokeswoman for GMAC, declined to comment.

    Bloomberg.com
    Down they go.
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    Elite Member LynnieD's Avatar
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    Oh man...

    I know several people, one of whom is a VERY good friend that works for Chrysler as a District Manager and this would suck for him.....

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    Elite Member msdeb's Avatar
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    does this mean i dont have to pay for my car anymore LOL
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    Elite Member Brookie's Avatar
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    I know someone who was a long-time Ford mid-level management type who went to Chrysler a couple of years ago. Could never figure that out - she was fairly high up, made great money, her husband still works for Ford. Must have been a fabulous offer.

    Not such a good move in retrospect.

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    Elite Member chartreuse's Avatar
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    no surprise. chrysler makes hideous vehicles.
    white, black, puerto rican/everybody just a freakin'/good times were rollin'.


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    Elite Member kingcap72's Avatar
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    Quote Originally Posted by msdeb View Post
    does this mean i dont have to pay for my car anymore LOL
    ^^

    Well, maybe, if Chrysler, and the other auto companies weren't so beholden to the oil companies they could've been making more fuel efficient cars that people actually wanted to buy.

    Countdown until the GOP blames Obama for killing the auto industry...5..4..3...

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    Elite Member Grimmlok's Avatar
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    I dunno.. i thought the crossfire was kinda smexy..

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    Elite Member LynnieD's Avatar
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    ^^It would be broken down or in the shop within 30 days.


    When my hub and I were looking at *sigh* Minivan's, we of course looked at the Chrysler vans. They INVENTED them for Christs sake and had some cool options out there....but when you compared them to say, the Honda's and Toyota's.......just wasn't worth the money we WOULDN'T be spending. And this is after our good friend (that I mentioned up thread) deep discount. It wasn't worth it........

    I worked at a Dodge dealership for a few years, WAY back in the day....and while I had the best time in my life, I also realized how not so great the vehicles were. Sorry....

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    Elite Member greysfang's Avatar
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    Does this mean i won't have to see those ugly ass PT Cruisers anymore?
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

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    Elite Member Beeyotch's Avatar
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    ^^I know, it might be worth it for that alone.

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    Elite Member kingcap72's Avatar
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    Quote Originally Posted by Grimmlok View Post
    I dunno.. i thought the crossfire was kinda smexy..

    Nice color and design, but it reminds me of a go-cart.

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    Elite Member Grimmlok's Avatar
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    my parents had the stupid reliant wagon



    (in burgundy, with wood panelling! Transmission needed overhauling every 3 months like clockwork)



    and an aries K non wagon in puke blue.. God.. what awful shitboxes..
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member kingcap72's Avatar
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    My father had the New Yorker, but it was white.


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    Elite Member B.C.'s Avatar
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    I know quite a few people that will be shitting bricks over this, all retired.
    My inlaws always drove a Chrysler. My mother had a Plymouth Duster that I drove the hell out of. It was a good car.

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    Elite Member msdeb's Avatar
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    Quote Originally Posted by greysfang View Post
    Does this mean i won't have to see those ugly ass PT Cruisers anymore?
    Quote Originally Posted by Beeyotch View Post
    ^^I know, it might be worth it for that alone.
    aw i heart my PT Cruiser.
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