Flying the Not-So-Friendly Skies: Chrysler asks court to cancel corporate jet leases
At least one chapter of the so-called JetGate scandal now appears set to come to a close. Chrysler has reportedly asked its bankruptcy judge to terminate the leases the automaker holds on its $38 million Gulfstream 450 and $55 million Gulfstream 550. Chrysler first leased the jets back in 2007 and subsequently took delivery on January 1, 2008.
A hearing on the issue has been set for June 3, but we wouldn't expect there to be any real holdup. After all, the debtor-in-possession financing that Chrysler received from the U.S. and Canadian governments stipulated that the automaker would give up all corporate aircraft.
[Source: Detroit News | Image: Gulfstream]
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