Court OKs Chrysler's sale to Fiat, but Supreme Court appeal likely; GM to spend $2B on DelphiJune 6th, 2009 GM and Chrysler's bankruptcy cases at a glanceA summary of developments in the Chapter 11 bankruptcy cases of General Motors Corp. and Chrysler Group LLC
GENERAL MOTORS — DAY 37
WHERE DOES IT STAND?: Tuesday marked Detroit-based GM's 37th day under bankruptcy court protection.
GM stock falls below $1, lowest trade since 1933 as Chapter 11 filing appears likelyMay 29th, 2009 GM shares fall below $1 as deadline approachesNEW YORK — Shares of General Motors Corp. fell below $1 on Friday for the first time in 76 years as the struggling automaker approached a government-imposed restructuring deadline and a likely filing for Chapter 11 bankruptcy protection.
Chrysler Financial to immediately stop dealer wholesale financingMay 2nd, 2009 Chrysler Financial to suspend dealer financingFARMINGTON, Mich. — Chrysler Financial says it's temporarily suspending financing for Chrysler dealers effective immediately.
Chrysler's president and vice chairman LaSorda leaves Chrysler effective immediatelyMay 2nd, 2009 Chrysler president LaSorda to retire immediatelyAUBURN HILLS, Mich. — Chrysler says its president and vice chairman, Tom LaSorda, is leaving the automaker immediately.
Canadian, Ontario governments provide financing, get 2 pct stake in retooled Chrysler CanadaApril 30th, 2009 Canadian governments to lend to Chrysler CanadaTORONTO — The Canadian and Ontario governments will jointly hold a 2 percent equity stake in a restructured Chrysler Canada and will lend about 3 billion Canadian dollars (US$2.42 billion) to help the beleaguered company while it is in bankruptcy proceedings. Prime Minister Stephen Harper's office said Thursday that the loan will cover debtor-in-possession financing and exit financing needed when the automaker emerges from court protection.
Chrysler's bid to stave off bankruptcy filing uncertain as debtholder talks break offApril 30th, 2009 Chrysler to find out if bankruptcy filing neededDETROIT — Chrysler will survive. At least for now, even if it's forced into bankruptcy court.
Chrysler CEO Nardelli says he'll leave company after it emerges from bankruptcy protectionApril 30th, 2009 Chrysler's CEO says he'll leave after bankruptcyDETROIT — Chrysler CEO Robert Nardelli will leave his post after the company emerges from bankruptcy protection, ending nearly two years of leadership that has seen sales and earnings slump as U.S. auto sales crumbled.
Meltdown 101: How government support makes Chrysler's bankruptcy different from othersApril 30th, 2009 Meltdown 101: How Chrysler bankruptcy is differentThe U.S. government expects Chrysler to spend one to two months in bankruptcy under a plan announced on Thursday.
Officials tell AP Chrysler will file for bankruptcy as talk failApril 30th, 2009 Officials tell AP Chrysler will file bankruptcyWASHINGTON — Officials tell the AP that Chrysler will file for bankruptcy as talks with creditors fail. The No. 3 U.S. automaker faces a government deadline of 11:59 p.m.
Talks fail, Chrysler bankruptcy imminent: ReportApril 30th, 2009 WASHINGTON - Talks aimed at saving the ailing US carmaker Chrysler LLC from bankruptcy failed late Wednesday, making the company filing for court protection 'all but certain', the Wall Street Journal said in its online edition. The US government now expects to get the company through its bankruptcy-filing process quickly to pave the way for a takeover by Italian carmaker Fiat SPA, the paper wrote, quoting administration sources.
Talks fail, Chrysler bankruptcy imminent: ReportApril 30th, 2009 WASHINGTON - Talks aimed at saving the ailing US carmaker Chrysler LLC from bankruptcy failed late Wednesday, making the company filing for court protection 'all but certain', the Wall Street Journal said in its online edition. The US government now expects to get the company through its bankruptcy-filing process quickly to pave the way for a takeover by Italian carmaker Fiat SPA, the paper wrote, quoting administration sources.
Officials tell AP Chrysler will file for Chapter 11 bankruptcy protectionApril 30th, 2009 Officials tell AP Chrysler will file Chapter 11WASHINGTON — Officials tell the AP that Chrysler will file for bankrutpcy protection as talks with creditors fail. The No. 3 U.S. automaker faces a government deadline of 11:59 p.m.
Chrysler to file for Chapter 11 bankruptcy as talks with creditors crumble overnightApril 30th, 2009 Chrysler will file for Chapter 11 bankruptcyWASHINGTON — Chrysler will file for bankruptcy after talks with a small group of creditors crumbled just a day before a government deadline for the automaker to come up with a restructuring plan, President Barack Obama said Thursday. The Obama administration said it had long hoped to stave off bankruptcy for the nation's third largest automaker, but it became clear that a holdout group wouldn't budge on proposals to reduce Chrysler's $6.9 billion in secured debt.
Source says Fiat still wants deal even if Chrysler forced into bankruptcy protectionApril 27th, 2009 Source: Chapter 11 won't kill Fiat-Chrysler dealMILAN — Fiat still wants to pursue an alliance with Chrysler if the U.S. automaker is forced to file Chapter 11 bankruptcy protection from creditors, a source close to the Turin-based automaker said Monday.
Fed grants GM's financial arm to avail bailout fundsDecember 24th, 2008 WASHINTON - The US Federal Reserve Wednesday approved General Motor's financial arm GMAC Financial Services' request to become a bank holding company, allowing it to tap into the $700 billion federal bailout funds. As a bank holding company, GMAC Financial Services will also be able to get emergency loans directly from the central bank of the US.
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