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Old 04-30-2009, 08:16 AM   #1
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Chrysler Files for Bankruptcy

Reuters just reported they decided to file...
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Old 04-30-2009, 08:39 AM   #2
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http://money.cnn.com/2009/04/30/news...ion=2009043009

finally.
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Old 04-30-2009, 08:52 AM   #3
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Old 04-30-2009, 09:10 AM   #4
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I hope that Fiat makes Chrysler a more competitive company in the market.
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Old 04-30-2009, 12:28 PM   #5
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Have you looked at Fiat's lineup? Otehr than the 500 and Panda I can't see anything selling here. Hope there are some big design changes made by Chrysler designers or this is doomed.

Now some Alfa Romeo's I could get behind. How about a nice Brera with a hemi!
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Old 04-30-2009, 12:29 PM   #6
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Old 04-30-2009, 01:12 PM   #7
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Have you looked at Fiat's lineup? Otehr than the 500 and Panda I can't see anything selling here. Hope there are some big design changes made by Chrysler designers or this is doomed.

Now some Alfa Romeo's I could get behind. How about a nice Brera with a hemi!
I think a lot of the engine trading would go the other way, Chrysler gets some small engines that get good fuel economy.
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Old 04-30-2009, 01:15 PM   #8
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I dont think FIAT is looking to sell cars here. Alfa's are already sold but who knows. People will buy cars again. I think Chrysler took the hit because their quality sucked and gm was to bloated.
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Old 04-30-2009, 01:26 PM   #9
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I think GM being publicly traded and Chrysler being private has alot to do with it too. Just sayin'
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Old 04-30-2009, 01:56 PM   #10
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No sense in Chrysler-Fiat merge: both companies make cars that like to break down and are well known for their non-existent reliability.

Fiat is profitable, but I don't see how it could handle such big and knee-deep-in-financial-shit company like Chrysler.
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Old 04-30-2009, 01:58 PM   #11
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Chrysler files for bankruptcy protection

From Yahoo.com:
WASHINGTON (AP) -- Chrysler LLC filed for bankruptcy protection Thursday and announced it will temporarily halt most of its vehicle production while it completes a deal with Italian carmaker Fiat designed to revive its tattered fortunes.

The Obama administration said it had long hoped to stave off bankruptcy for the third-largest U.S. automaker, but it became clear that a holdout group of creditors wouldn't budge on proposals to reduce Chrysler's $6.9 billion in secured debt. Clearing those debts was a needed step for Chrysler to restructure by a government-imposed Thursday deadline.

"No one should be confused about what a bankruptcy process means," President Barack Obama said in a midday announcement. "This is not a sign of weakness but rather one more step on a clearly chartered path to Chrysler's revival."

Chrysler filed for bankruptcy protection in New York with the hopes of emerging in as little as 60 days under the new partnership with Fiat. The government, which has already poured $4 billion in loans into Chrysler, would provide up to $8 billion more to carry the company through bankruptcy, said senior administration officials speaking on condition of anonymity. The government will also help appoint a new board of directors.

The deals give Chrysler "a new lease on life," Obama said. "I have every confidence that Chrysler will emerge from this process stronger and more competitive," he said.

Under bankruptcy, Chrysler would still sell cars and the government would back its auto warranties. But Chrysler said Thursday that it will idle its plants during the legal proceedings. The company's chief executive, Robert Nardelli, said in an e-mail to employees that he will leave when the bankruptcy is complete.

When that occurs, the Auburn Hills, Michigan-based automaker would end up owned by the United Auto Workers union, the U.S. government and Fiat. The Canadian and Ontario governments, which are also contributing financing, would have small stakes.

But Fiat, which the Obama administration hopes can jump start Chrysler with its fuel-efficient and lower-emission technology, could end up the majority stakeholder. Fiat would initially get 20 percent, a share that could rise to 35 percent if certain benchmarks are met. Fiat said Thursday it could get an additional 16 percent by 2016 if Chrysler's U.S. government loans are fully repaid.

Obama said Chrysler Financial, the arm of the company that makes loans to buyers and to dealers to finance their inventories, will be merged into GMAC Financial Services, once General Motors Corp.'s finance arm. The new GMAC will get government support. Chrysler's base of dealers would also be pared down.

The Treasury Department's auto task force has been racing in the past week to clear the major hurdles that prevented Chrysler from coming up with a viable plan to survive the economic crisis ravaging nation's automakers.

Along with the Fiat deal, the UAW ratified a cost-cutting pact Wednesday night.

Treasury reached a deal earlier this week with four banks that hold the majority of Chrysler's debt in return for $2 billion in cash. But the administration said about 40 hedge funds that hold roughly 30 percent of that debt also needed to sign on for the deal to go through. Those creditors said the proposal was unfair and they were holding out for a better deal.

"I don't stand with them," Obama said.

A person briefed on Wednesday night's events said the Treasury Department and the four banks tried to persuade the hedge funds to take a sweetened deal of $2.25 billion in cash. But in the end, this person said most thought they could recover more if Chrysler went into bankruptcy and some of its assets were sold to satisfy creditors. This person asked not to be identified because details of the negotiations have not been made public.

On Thursday, a group of funds identifying themselves as 20 of Chrysler's "non-TARP lenders" released a statement saying they had been sidelined during negotiations between lenders and the government. The group, which said it holds $1 billion in Chrysler debt, complained that the four banks were "obviously conflicted" because they had accepted money from the government's Troubled Asset Relief Program while they had not gotten TARP money.

The group said its offer to the Treasury Department to reduce its claim to 40 percent was "flatly rejected or ignored."

Fiat is getting its stake in Chrysler for giving the company access to its fuel-efficient technology, a move toward cleaner cars that the Obama administration thinks is critical to Chrysler's future survival. The company has committed to building Fiat cars in Chrysler factories, to be sold as Chryslers.

Obama's auto task force in March rejected Chrysler's restructuring plan and gave it 30 days to make another effort, including a tie-up with Fiat.

Chrysler's bankruptcy filing said it owes more than $10 million apiece to 20 of its unsecured creditors, many of whom are vendors and suppliers.

At the top of that list were: Ohio Module Manufacturing Co. ($70.3 million), BBDO Detroit Inc. ($58.1 million), Johnson Controls Inc. ($50.3 million), Continental Automotive ($47 million), Cummins Engine Co. ($43.9 million) and Germany-based Germersheim Spare Parts ($36.2 million).

AP Auto Writer Tom Krisher reported from Detroit. AP Business Writer Vinnee Tong in New York contributed to this report.
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Old 04-30-2009, 01:59 PM   #12
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agh, we already have plenty of these threads in the general discussion area. Thanks though.
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Old 04-30-2009, 02:04 PM   #13
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When that occurs, the Auburn Hills, Michigan-based automaker would end up owned by the United Auto Workers union, the U.S. government and Fiat. The Canadian and Ontario governments, which are also contributing financing, would have small stakes.

But Fiat, which the Obama administration hopes can jump start Chrysler with its fuel-efficient and lower-emission technology, could end up the majority stakeholder.
Can anyone else read between the line? WHEN the government takes overs we can all say bye bye to Muscle cars.
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Old 04-30-2009, 02:06 PM   #14
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I'm really sick of the Federal Government buying stake in private companies....
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Old 04-30-2009, 02:07 PM   #15
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agh, we already have plenty of these threads in the general discussion area. Thanks though.
Where are the threads? AP published this less than a hour ago.
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Old 04-30-2009, 02:08 PM   #16
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Can anyone else read between the line? WHEN the government takes overs we can all say bye bye to Muscle cars.
yeah, i really don't like where all this bailout stuff is heading. I understand that without the stimulus we may end up a lot worse off, but I don't see why the Feds need to be buying stake in private companies. I really don't want to live in a socialist country...
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Old 04-30-2009, 02:09 PM   #17
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Can anyone else read between the line? WHEN the government takes overs we can all say bye bye to Muscle cars.
Which is exactly why I've got mine order in now.
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Old 04-30-2009, 02:10 PM   #18
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yeah, i really don't like where all this bailout stuff is heading. I understand that without the stimulus we may end up a lot worse off, but I don't see why the Feds need to be buying stake in private companies. I really don't want to live in a socialist country...
I just spent 7 hours renewing my expired passport and there wasn't that many people there. I can just imagine other entity's under Government control and how long it would take to get the simplest things to the more complex done efficiently.
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Old 04-30-2009, 02:12 PM   #19
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Where are the threads? AP published this less than a hour ago.
General Automotive + Other Cars

(thread merged)
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Old 04-30-2009, 02:16 PM   #20
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Yeah, well that and once the government has that much stake in something they can basically dictate what that company is doing. Sure, Obama has said they WON'T do that.... but whats to stop the next guy, if those debts aren't paid off by then? I'm just being paranoid I know, because if that DID start happening I'm pretty sure there would be an open rebellion. But just the fact that its THIS close to being a possibility scares me.
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Old 04-30-2009, 02:29 PM   #21
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I hope that Chrysler's dealer network makes Fiat a more competitive company in the market.
Fixed it for ya.. No capital chucked in to get it either. Just "here ya go.. have fun, Fiat"

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Old 04-30-2009, 02:56 PM   #22
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One quick thought on this after reading http://www.newsweek.com/id/195441 that article... if the public gets pissed enough at these hedge fund guys, the ones that are going to decide GM's fate may decide to work with them a little more to avoid the PR backlash. So maybe Chrysler's bankruptcy will end up helping GM? (fingers crossed!)
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Old 04-30-2009, 04:15 PM   #23
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Ha, you really think they are worried about backlash over money? yea sure.........
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Old 04-30-2009, 05:00 PM   #24
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Chrysler is finished. They'll never come out of this filing.

They think Fiat will save the company?
Keep dreaming. Americans will not buy Fiats or Fiat produced Chryslers.
If Mercedes couldn't save Chrysler there is no hope Fiat will.


It will be split up. Someone will buy Jeep and someone (Nissan?) may buy the Ram trucks.
The rest will die along with the Chrysler name.
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Old 04-30-2009, 07:29 PM   #25
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The hedgefunds didnt want to take pennies on the dollar in stock. One changed their mind after the bankruptcy filing. I guess those pennies looked better than what they would get from the bankruptcy court.
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