Chrysler Financial repays $1.5 billion in TARP loansJuly 14th, 2009 Chrysler Financial pays off $1.5B in TARP loansFARMINGTON HILLS, Mich. — Chrysler Financial, the former financing arm of automaker Chrysler LLC, said Tuesday that it has repaid in full its $1.5 billion in government loans.
Chrysler Financial to eliminate 9 percent of work force, closes service centerJuly 1st, 2009 Chrysler Financial to cut 9 percent of work forceDETROIT — Chrysler's former financial arm said Tuesday that it will reduce its work force by about 9 percent, or more than 300 employees, as it restructures operations after losing its preferred lender status with the automaker. GMAC Financial Services is now Chrysler's leading lender for financing Chrysler vehicle purchases and dealer inventories, a move prompted by President Barack Obama's auto task force.
Chrysler Financial cuts 9 percent of workforce, closes service centerJune 30th, 2009 Chrysler Financial to cut 9 percent of workforceDETROIT — Chrysler's former financial arm says it will reduce its workforce by 9 percent as it restructures and closes a customer service center in Overland Park, Kansas. Chrysler Financial, a company separate from Chrysler Group, says the moves come as it no longer serves as the automaker's preferred lender for financing Chrysler vehicle purchases and dealer inventories.
Bankruptcy judge OK's GM motion to terminate aircraft leasesJune 18th, 2009 Judge approves termination of GM aircraft leasesNEW YORK — A bankruptcy judge ruled Thursday that General Motors Corp. can terminate its aircraft leases as part of its ongoing restructuring.
GMAC Financial Services prices $4.5 billion debt offeringJune 4th, 2009 GMAC prices $4.5 billion debt offeringDETROIT — Auto lender GMAC Financial Services on Wednesday said it has priced a $4.5 billion note offering guaranteed by the Federal Deposit Insurance Corporation under its temporary liquidity guarantee program. GMAC said the securities offering includes $3.5 billion of senior fixed-rate notes and $1 billion senior floating-rate notes, both of which are due in December of 2012.
Gov't now has 35.4 pct. equity stake in GMAC after exercising earlier right under loan to GMJune 2nd, 2009 Government now has 35.4 percent stake in GMACWASHINGTON — The government now has an equity stake in auto lender GMAC Financial Services after providing $12.5 billion in aid to keep loans flowing to buyers of GM and Chrysler cars, the Treasury Department said Tuesday. The Treasury holds a 35.4 percent stake in GMAC, after exchanging an $884 million loan it made to General Motors Corp.
Judges denies retirees group request to form a formal committeeMay 14th, 2009 Chrysler Notebook: Judge denies retirees motionNEW YORK — Developments from Thursday's Chrysler bankruptcy hearing:
THE ISSUE: A group representing Chrysler retired salaried workers asked U.S. Judge Arthur Gonzales for permission to form a formal committee to take part in Chrysler LLC's bankruptcy process.
Judge turns down Chrysler retirees' motion to form committee in bankruptcy proceedingsMay 14th, 2009 Judge denies Chrysler retirees' motionNEW YORK — A judge says there isn't sufficient cause to form a committee of Chrysler's retired white collar workers to take part in the automaker's bankruptcy proceedings. U.S. Judge Arthur Gonzales on Thursday denied the National Chrysler Retirement Organization's motion without prejudice, meaning that attorneys for the group can return to make their request again if circumstances change.
Judge approves agreement to make GMAC preferred lender for Chrysler dealers and customersMay 12th, 2009 Judge OKs deal to make GMAC top Chrysler lenderNEW YORK — A bankruptcy judge says GMAC can become Chrysler's preferred lender. Pending the completion of certain documentation, U.S.
GMAC says 1st-qtr loss widens to $675M as credit markets weigh on auto, mortgage businessesMay 6th, 2009 GMAC won't necessarily follow GM to Chapter 11NEW YORK — GMAC Financial Services said Tuesday that it will not be automatically be forced to file for bankruptcy protection if General Motors Corp. is unable to restructure itself by its government imposed deadline.
GMAC says 1st-qtr loss widens to $675M as credit markets weigh on auto, mortgage businessesMay 5th, 2009 GMAC 1Q loss widens as credit markets remain weakNEW YORK — GMAC Financial Services said Tuesday that it will not be automatically be forced to file for bankruptcy protection if General Motors Corp. is unable to restructure itself by its government imposed deadline.
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.
GM may not need additional loans to survive: reportJanuary 7th, 2009 WASHINGTON - General Motors Corp has adequate funds from government loans to cover the worst-case scenario it described in December and won't need additional help unless the economy deteriorates further, it was reported Wednesday. 'The US Treasury's $13.4-billion bridge loan ...
$6 bn bailout package for US auto giant GMDecember 29th, 2008 WASHINGTON - The US Treasury Department has announced that it would commit $6 billion to supporting GMAC LLC, the financing arm of General Motors Corp., to save the ailing car
giant from bankruptcy. The Treasury will buy a $5-billion stake in GMAC and also lend GM an additional $1 billion so that the largest US carmaker can contribute to the financier's reorganization as a bank holding company.
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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