cerberus


REPORT: Chrysler Financial to wind down by 2011, executive pay, well, not so much

Cerberus submitted its plans for Chrysler Financial to the U.S. Treasury, and then in an announcement that came as a surprise to Cerberus itself, the Treasury said that Chrysler Financial would be shutting down by December 31, 2011. The lending arm paid back its $1.5 billion loan from the government's TARP program, but much of its dealer financing and loan operations were replaced by GMAC. Even though Chrysler Financial is a far weaker business than it once was -- its loan portfolio has been more than halved -- Cerberus said that ... Read more →

REPORT: Jim Press leaving Chrysler by year's end Jonny Lieberman

According to The Wall Street Journal Jim Press, the Chrysler Group LLC Deputy Chief Executive and sole surviving member of pre-bailout/bankruptcy Chrysler will be resigning his post by the end of ...

The tale that wagged the dog: Cerberus' Stephen Feinberg speaks Jonathon Ramsey

Now that the crime is over, the verdict issued and the sentencing issued, we can look forward to a few months years of the CSI treatment applied to what really happened at Chrysler. The first ...

REPORT: If Chrysler goes down, it could cost Daimler $1 billion Dan Roth

Nerves are frazzled in Stuttgart over the troubles facing Chrysler. Let's not forget that Daimler still has a skin in the Chrysler game, and while everyone natters and frets about whether or not Fiat ...

Cerberus to reportedly lose stake in Chrysler as part of bailout deal Chris Paukert

According to The Wall Street Journal, Cerberus Capital Management is set to shed its stake in Chrysler as part of the conditions surrounding the company's bailout arrangement with the U.S. ...

GMAC CEO earned $11.6 million last year 8 months ago on Autoblog

The recent string of government bailouts has placed a 50,000-watt spotlight on executive pay. Executives from Detroit automakers have already cut their pay to show the public and their own workforces that they're sacrificing for the greater good. There hasn't been much focus, however, on finance arm ...

Cerberus may cut 10% of its workforce 10 months ago on Autoblog

That Chrysler continues to struggle isn't exactly news. As a whole, the auto industry is tanking and cars just aren't moving off dealer lots. Chrysler initially responded by offering buyouts to its entire workforce, and 25% off all its salaried workers took the company up on the offer. Earlier this ...

Who's the Boss? Daimler still wants to offload remaining stake in Chrysler 10 months ago on Autoblog

For over a decade, ownership of Chrysler has been bouncing back and forth over the Atlantic like an Airbus jet. Since its founding in 1925, it was independently owned and operated right out of Detroit, then Daimler bought controlling interest in 1998, only to sell it to U.S.-based Cerberus Capital ...

Fed grants GMAC bank holding status 11 months ago on Autoblog

GMAC – and ergo General Motors – just got another Christmas present: the Federal Reserve has granted GMAC bank holding status. GMAC has billions of dollars of bonds coming due over the next 12 months, but doesn't have the liquidity to cover the obligations. As of last week, the financing ...

GM, Chrysler holding merger talks again? Or not... 11 months ago on Autoblog

Can this really be happening all over again? Weeks after merger talks between Chrysler and GM seemed to implode, the companies may be talking about hooking up again, according to the Wall Street Journal. General Motors Corp. and Chrysler LLC have reportedly stepped back into the negotiation room ...

GMAC rushes to conclude bond buyback and avoid bankruptcy 11 months ago on Autoblog

GM doesn't just have its eye on auto bailout funds -- its GMAC division (of which it owns 49%) is looking for cash from among the $700 billion pledged in the Wall Street bailout. Through the end of next year, GMAC has roughly $12 billion in bonds maturing. But to have any chance at getting Wall ...

Cerberus making big demands for remaining stake in Chrysler 11 months ago on Autoblog

Daimler has already admitted that its 19.9% share in Chrysler is worth absolutely zero as far as its corporate balance sheets are concerned, but that's not stopping Cerberus from going after that remaining bit as it tries to become the sole owner of the beleaguered American automaker. Without full ...

Viper still selling like hotcakes, ACR sold out 1 year ago on Autoblog

Chrysler may be burning to the ground like ancient Rome, but its craziest citizen, the Dodge Viper, is out dancing in the streets. Because even while General Motors prepares to ransack Chrysler LLC, the Viper sales are continuing undeterred. Although Chrysler sales overall are reportedly down a ...

GM wants $10 billion in aid from the Feds to buy Chrysler 1 year ago on Autoblog

In the latest development of The Incomprehensible Union, General Motors is reportedly asking the U.S. government for $10 billion -- on top of the $25 billion loan approved recently -- to help it merge with Chrysler. The supplemental infusion would give the government, i.e. you and me, a stake in ...

What's Chrysler worth to Daimler? Zip, Zero, Nada, Donut 1 year ago on Autoblog

So, just what is a 19.9% stake in America's third largest automaker worth? Um, nothing. So says Daimler, which owns exactly that amount. The German company claims that, for accounting purposes at least, there is absolutely no value in its part-ownership of Chrysler. Just about a year ago, Daimler ...

Attention Shoppers: Dodge Viper now eligible for employee pricing 1 year ago on Autoblog

Click for hi-res gallery of the 2008 Dodge Viper SRT-10 Cerberus may be trying to offload Viper, but not before it gives over a million Americans the opportunity to pick one up at discounted prices. Until now the Viper remained outside Chrysler's Employee Purchase and Certain Designated ...

Cerberus attempting to buy remaining stake in Chrysler from Daimler 1 year ago on Autoblog

One aspect of the possible GM/Chrysler merger often overlooked is that Daimler didn't completely divest itself of its Chrysler ownership back in early 2007, and the German automaker's 19.9% stake could get in the way of any deal. Daimler has been clear that it is disinterested in becoming part of ...

GM/Cerberus talks over full ownership of GMAC 1 year ago on Autoblog

It's been a crazy few days as news broke that Chrysler and General Motors have been in talks to combine operations. It turns out that there's a pretty significant back-story to these proceedings, and it involves Cerberus Capital Management's possible desire to shed its car-building operations and ...

ZF may share new Chrysler axle plant 1 year ago on Autoblog

Before Cerberus took over Chrysler, the Auburn Hills-based automaker announced that it would build a new axle plant in Marysville, MI as part of a broader plan to spend $3 billion on infrastructure upgrades. The new plant is under construction and scheduled to open in 2010, but the three headed ...

Chrysler vehicles 29% less broke than before 1 year ago on Autoblog

Automakers want top-notch quality in their vehicles because a good reputation for quality sell more cars. The pleasant side effect of high quality is spending less to repair your own vehicles. Millions of dollars can be saved per one percentage point improvement in warranty costs. Cerberus was ...

Woodward 2008: Chrysler Booth Tour at 13 Mile 1 year ago on Autoblog

Click above for high-res gallery of Chrysler's booth on Woodward Ave. The Chrysler booth at the Woodward Dream Cruise is all about two things: muscle cars and Mopar. The Pentastar filled up the massive mall parking lot at 13 mile and Woodward with dozens of classic rides from the '60s, '70s, and ...

More rumors of a Chrysler sale, bankruptcy 1 year ago on Autoblog

Despite the fact that Chrysler shares are no longer sold on the stock market, rumors regarding the company's financial standing continue to haunt the number three domestic auto manufacturer in America. Last week, rumors regarding the negative cash flow were so rampant, a company spokesperson went ...

Autoblog Podcast #96 1 year ago on Autoblog

For three weeks in a row, now, we've brought you a new Autoblog Podcast courtesy of the B-Team. Here's episode #96 of the Autoblog Podcast, where Chris Shunk, Sam Abuelsamid, and Dan Roth kibbitz over some morsels of recent news. There's the requisite trip to the Autoblog Garage to start things off, ...

Next Chrysler 300 gets evolutionary exterior, "huge leap" in interior 1 year ago on Autoblog

When the Chrysler 300 dropped on an unsuspecting public in 2004, it was all crisp edges and upright stance, with a bulldog face to help drive home the message of urgent thrust delivered by a reborn Hemi V8. Chrysler's got a refreshing in the pipeline for the 300, and that's giving designers fits. ...

Chrysler execs doing house calls 1 year ago on Autoblog

If you have a Dodge Ram in the driveway and someone claiming to be Jim Press calls you asking if you're satisfied with your truck, it just might be him. Chrysler recognizes that it has a customer service problem, and the Pentastar is going to extraordinary lengths to correct it. Its top 300 ...

Daimler reduces book value of Chrysler stake by two-thirds 1 year ago on Autoblog

Daimler may have divested 80.1% of its ownership in Chrysler, but the German automaker is still feeling pain from the Pentastar. The value of Daimler's portion of Chrysler has dropped from $2.18 billion to $852 million not even a year after the two parted ways. The loss of nearly $1.4 billion in ...

Chrysler continues 0% financing through April 1 year ago on Autoblog

Car sales in the U.S. flat-out suck right now, and both domestic and Japanese automakers are feeling the pinch. Chrysler posted a 13.2% decline in its Daily Sales Rate last month while offering 0% financing, so the Auburn Hills-based automaker has little choice but to continue offering free loans in ...

Chrysler workers none too happy about "mandatory" vacation 1 year ago on Autoblog

The recent decision by Chrysler to give employees a mandatory, unpaid two week vacation has workers peeved, and it's tough to blame them. Many long-time workers have already planned and paid for vacations that land outside of July 7-21, so those employees will have to cancel their plans or risk ...

Chrysler likely to miss goal of 10,000 buyouts 1 year ago on Autoblog

A key part of Chrysler LLC's agreement last year with the UAW gave the automaker the ability to hire new employees at a fraction of wages and health care of current workers. Since the deal was signed, Chrysler has been trying to show high-cost workers the door. The privately-owned automaker had a ...

Chrysler and Tata hook up... on computers 1 year ago on Autoblog

Chrysler has been on the look-out lately for dancing partners for anything from vehicle platforms to alternative propulsion, and the Pentastar has extended its outsourcing to IT services. Chrysler and Tata Consultancy have teamed up on a $120 million, multi-year contract that sources Chrysler's ...

Cerberus gives reasons why Chrysler could flop 1 year ago on Autoblog

Cerberus Capital Management shot off a nine-page letter to investors outlining ways that Chrysler could sink, while also pointing out that they believe Chrysler's on the track for success. Some of the possible failure scenarios include a nasty recession, an extreme slowdown in the car market, or a ...

Has Cerberus killed the Viper? 1 year ago on Autoblog

click above to view more high-res shots of the 2008 Dodge Viper SRT10 According to Jalopnik, yes. We reported yesterday that as a part of Project Genesis, Chrysler was planning to cut more models in addition to the PT Cruiser Convertible, Pacifica, Crossfire and Magnum. Jalopnik is reporting that, ...

Dodge Viper could be sacrificed for new Sebring 1 year ago on Autoblog

click above for more images of the 2008 Dodge Viper Cerberus has had a chance now to fully inspect Chrysler LLC's offerings, and the private equity firm wants to make fast changes. The equity firm owners recognize that a complete overhaul of the relatively new Sebring with its cheap interior and ...

Speculation for 2008: Ford and Chrysler to merge? 1 year ago on Autoblog

Chrysler and Ford have been at the top of the headlines all year long for various reasons, with Ford continuing to slim down by selling off its PAG brands, while Chrysler got dumped by Daimler and went private at the hands of Cerberus Capital Management. 2008 looks to be an equally interesting year ...

Chrysler says it will meet new CAFE standards 1 year ago on Autoblog

Detroit's sharp intake of breath over the very real possibility of increased federal fuel economy standards apparently doesn't include Chrysler's voice. CEO Robert Nardelli has told The Car Connection that rather than waste lots of time and energy opposing the likely increase to a 35 mpg fleet ...

Chrysler won't be building Dodge Ram in January, idling two plants 1 year ago on Autoblog

Gas prices are skyrocketing, car sales are down, and construction has been hurt by a slowing economy. For the auto industry, that means pickup truck sales are sagging. The Dodge Ram has been feeling the pinch, with sales down 2% vs. 2006 and sky-high incentives to keep numbers even that close. In ...

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Autoblog Podcast #153: With Phil Berg

Phil Berg puts his reputation on the line and hangs with the podcast crew.

 
 

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