Chrysler, UAW, other supporters say sale to Fiat is fair despite claims from Indiana fundsJune 4th, 2009 Chrysler, supporters argue sale to Fiat is fairNEW YORK — The sale of Chrysler LLC to Italian automaker Fiat Group SpA is fair, has the backing of a majority of Chrysler's creditors and should proceed quickly, Chrysler and other supporters of the sale said in court briefs filed Thursday. The groups include Chrysler, its finance arm, its unsecured creditors, the United Auto Workers and Fiat.
GM has viable plan to exit bankruptcy: ObamaJune 1st, 2009 WASHINGTON - US President Barack Obama Monday said he believed General Motors (GM) had developed a viable plan that will allow it to quickly exit bankruptcy. His comments came after GM, the country's largest carmaker, filed for bankruptcy Monday morning in a New York court.
GM makes huge dealer cuts, follows move by ChryslerMay 15th, 2009 WASHINGTON - General Motors Corp, the US auto giant nearing bankruptcy, Friday announced massive cuts in its dealership network as part of a drastic effort to cut costs and survive the global recession. GM, the largest US carmaker, has informed 1,100 of its nearly 6,000 dealers that their contracts would not be renewed.
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.
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 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.
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.
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 to file for Chapter 11, receive up to $8 billion more in gov't aid during bankruptcyApril 30th, 2009 Chrysler to get up to $8B from govt for bankruptcyWASHINGTON — Chrysler will file for Chapter 11 bankruptcy protection in New York on Thursday and will be eligible for up to $8 billion in federal aid to rebuild the ailing automaker, according to senior administration officials. The officials say bankruptcy is necessary after talks with some of Chrysler's holdout creditors over the company's $6.9 billion in debt fell apart last night.
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.
Obama embraces Chrysler move to bankruptcy protection, predicts it will emerge strongerApril 30th, 2009 Obama backs Chrysler bankruptcy as wise moveWASHINGTON — President Barack Obama announced Thursday that Chrysler would head into bankruptcy with the aid of up to another $8 billion in taxpayer money, a last-resort attempt to quickly restructure the struggling giant. He blasted hedge-fund creditors whom he said held out for a richer deal.
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.
Chrysler declaring bankruptcy, seals deal with FiatApril 30th, 2009 WASHINGTON - The long ailing US carmaker Chrysler was to enter bankruptcy protection Thursday after last-ditch efforts to get an out-of-court agreement with its creditors collapsed, President Barack Obama announced. But Obama said the company had also finalised an alliance with Italian carmaker Fiat, as part of a broad deal that will be presented in the Chapter 11 bankruptcy that will be filed in New York.
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.
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