chrysler bankruptcy


Former President Bush asks Obama to exit the car business

When Former President George W. Bush spoke to the Montreal Board of Trade recently, he made a public appeal to the Obama administration to "get out of the private sector," adding "I hope our government gets out of the autos and the financials in which they have a stake." His premise is that it takes private companies to turn an economy around, not government-run ones. As we have found out during America's recent economic troubles, a lot of people find it easy to say a lot of things when they're not on the hook. And the former ... Read more →

REPORT: 'Old' Chrysler defaulting on loan obligations Jonathon Ramsey

Before there was a Motors Liquidation Co, post-bankruptcy GM's hived-off shelter for useless assets, there was Old Carco LLC. That's the company Chrysler built to house its useless assets, and ...

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 ...

Autoblog Podcast #133 Dan Roth

The dynamic duo of Chris and Sam carry off Episode #133 of the Autoblog Podcast without a hitch. Though down a man, the pair didn't cheap out on topics or duration, it's the same podcast goodness. ...

REPORT: GM pursuing Chrysler for repayment of Two-Mode Hybrid development Jeremy Korzeniewski

Our friends at PickupTrucks.com are reporting that General Motors has filed documents in court in an attempt to get "New" Chrysler to honor its full pre-bankruptcy debt of $531,275 (of which Chrysler ...

REPORT: Iacocca leads retiree volunteer army offering free help to Chrysler 4 months ago on Autoblog

Lee Iacocca loves him some Chrysler. He cared enough about the Pentastar to rescue the automaker from bankruptcy back in 1979, and now in retirement as the honorary chairman of the National Chrysler Retirement Association, he's offering his support for his former employer post-bankruptcy. Iacocca, ...

Fiat to Chrysler: "We won't walk away" 5 months ago on Autoblog

In spite of pleas from the White House and the Justice Department, the Supreme Court yesterday put a hold on Chrysler's sale to Fiat. On one side are Indiana pension funds who want to protect their investment. On the other side are Chrysler and Fiat, who want to protect Chrysler's very existence, ...

Dealer Bailout: Chrysler to redistribute all new inventory 5 months ago on Autoblog

After the suggestion of Congressional hearings on the matter, Chrysler's Jim Press assured Senator Kay Bailey Hutchison (R-TX) that Chrysler dealers with leftover inventory after June 9 would "receive a fair and equitable value." It appears that Chrysler is making good on that promise. The ...

BREAKING: Supreme Court stays sale of Chrysler to Fiat 5 months ago on Autoblog

The sale of Chrysler's assets to Fiat have been delayed by Supreme Court Justice Ruth Bader Ginsburg after three Indiana state pension funds lost their case in New York and filed papers with the highest court the land. Early reports indicate that this is only a temporary stay, with Ginsburg saying ...

Ruh-Roh, Chrysler: Fiat finishes dead last in new British J.D. Power survey 5 months ago on Autoblog

What automaker has a lower owner satisfaction score in the UK than Chrysler? The one and only company that makes automobiles less tasty to UK consumers is Fiat. Both brands, which are soon to be joined at the arm rest, scored significantly below both the industry average and survey champ Lexus, ...

Chrysler bankruptcy taken to Supreme Court by unhappy shareholders 5 months ago on Autoblog

As the movie Hoosiers amply demonstrated, Indiana natives don't quit. That's also true for three Indiana state pension funds who have fought Chrysler's bankruptcy all the way to the federal appeals court in New York and, having lost their case there, are filing papers with the Supreme Court today. ...

FOLLOWUP: Chrysler, Fiat reportedly agree to honor lemon law claims 5 months ago on Autoblog

On a recent episode of The Chrysler Files, customers who purchased Chrysler vehicles that were later officially certified as lemons were being reimbursed by the company with checks... that bounced. The snafu stemmed from the fact that while said claims were made before Chrysler's bankruptcy, after ...

Officially, Official: Bankruptcy judge approves sale of Chrysler assets 5 months ago on Autoblog

Late Sunday night, U.S. bankruptcy Judge Arthur Gonzalez approved the sale of Chrysler's remaining good assets to a group that includes the UAW VEBA health care trust, Fiat, and the U.S. and Canadian governments. The union will get a 68 and the governments split the rest. Gonzalez over-ruled ...

GM and Chrysler CEOs called to D.C. to explain dealer closings 5 months ago on Autoblog

The situations with GM and Chrysler are beginning to look like what happens after a fumble in an NFL game: a dozen men pile on top of each other all trying to get the ball. The difference in the case of GM and Chrysler is there are far more than two teams struggling for the prize. The latest to hop ...

REPORT: Slighted dealers line up to criticize Chrysler tactics 5 months ago on Autoblog

A story in the New York Times shines a light on some reasons for the Committee of Chrysler Affected Dealers to challenge the car company's bankruptcy efforts. The element common to all of the dealers profiled is that they did extraordinary things Chrysler asked them to do, such as buy too many cars ...

Consumer group objects to Chrysler bankruptcy, says customers could be stranded without warranty 5 months ago on Autoblog

Joseph Heller's novel Catch-22 is an assault on bureaucratic circular logic, and when talk turns to Chrysler's bankruptcy, you can almost picture the book's character, Yossarian, shaking his head about the latest developments surrounding warranty claims. Current Chrysler owners might find ...

Calling All Cars: Chrysler reportedly repo'ing Iacocca's company rides 5 months ago on Autoblog

Found in the "What have you done for me lately?" bin, Chrysler is apparently asking former CEO Lee Iacocca for the keys to his company cars. According to a FOX report, as part of their Chapter 11 bankruptcy filing, Chrysler isn't allowed to provide vehicles to former execs, even if those execs once ...

And so it begins: Affected Chrysler dealers prepare suit 5 months ago on Autoblog

The consequences of the Obama Administration's hope for New Chrysler to emerge from bankruptcy as quickly as possible will be felt by the 789 dealerships being shut down by the automaker on June 9th. According to a statement filed by Stephen Lerner, an attorney representing the Committee of ...

Mapping the Carnage: Laying out Chrysler's dealer closings nationwide 5 months ago on Autoblog

There's no easy to way to put it: Chrysler's bankrupt. The only way for the Auburn Hills-based automaker to emerge from bankruptcy is to make some drastic moves. Fortunately, filing for Chapter 11 allows a company to do drastic things without the same repercussions that a solvent company would ...

Autoblog Podcast #127 5 months ago on Autoblog

Chris, Sam, and Dan kick it for Episode #127 of the Autoblog Podcast. Of course, there are the usual tangents around the topics, which this week include BMW's new Z4, a poll about Hybrids, Chrysler's bankruptcy, Toyota's losses, Opel's new Astra and the possibility of General Motors building ...

Who are Chrysler's top ten creditors? The answer may surprise you 5 months ago on Autoblog

Chrysler's top ten creditors are owed about $400 million, and the top two creditors account for nearly $130 million of that. The company first in line for payment is Ohio Module, which is a subsidiary of Hyundai Mobis, which is in turn a publicly traded subsidiary of Hyundai. Ohio Module makes ...

Tale of two Chryslers: Bankruptcy could take two years, not two months 5 months ago on Autoblog

When President Obama announced that Chrysler LLC would be filing for Chapter 11 bankruptcy in late April, he mentioned that the beleaguered automaker could emerge after 60 days. "Well, that's not so bad," we all thought. Turns out that as details of Chrysler's reemergence begin to surface, the ...

REPORT: Chrysler affidavits reveal crippling problems that hurt chances for success post-bankruptcy 5 months ago on Autoblog

History could eventually reveal that Chrysler declaring bankruptcy may have just been the easy part. According to CNN, affidavits taken from Chrysler engineers and executives do a pretty good job of showing that things will get really tough when it's time for the automaker to start making cars ...

Chrysler bankruptcy lawyers reportedly ask to be paid up-front 5 months ago on Autoblog

Attorneys from Jones Day law firm representing Chrysler during bankruptcy have taken the unusual step of asking the judge to "give their fees special priority." Two reasons have been hypothesized for the move: the lawyers don't think there will be any money for trade debts from the leftover pieces ...

Chrysler's dissident lender group withdraws objections 6 months ago on Autoblog

There was a minority group of some 20 Chrysler lenders that were fighting the repayment arrangements Chrysler was trying to make before Chrysler declared bankruptcy. Led by Oppenheimer and Stairway Capital, they were owed $2.9 billion and didn't feel they were getting all they could. After Chrysler ...

Chrysler creditors continue to object, claim death threats 6 months ago on Autoblog

The same creditors who President Obama scolded last week for preventing Chrysler from restructuring outside of bankruptcy have filed objections in bankruptcy court against the automaker's plan to reemerge as a new company owned in part by Fiat. Chrysler has about $6.9 billion in debt that it owes ...

Chrysler begins "New Car Company" ad campaign in newspapers 6 months ago on Autoblog

In the midst of being taken over by Fiat ("alliance" sounds too egalitarian) and filing for Chapter 11 bankruptcy last week, Chrysler LLC fears that potential shoppers might forget that it's still in the business of selling cars and trucks. This sounds like a job for the Marketing Dept.! The ...

Eight plants to close under Chrysler bankruptcy 6 months ago on Autoblog

Now that the court documents have officially been filed, details regarding Chrysler's ongoing plans to stay in business are becoming a bit less muddy. Two corporations will be created from the dying automaker: a so-called "OldCo" with unwanted bits and liabilities that seem likely to die a slow and ...

Breakdown of Chrysler's Big Day [w/POLL] 6 months ago on Autoblog

It's not often your company both files for bankruptcy and gets new owners in a single day, but that's just what happened to Chrysler today. We've had some time to digest all the details after President Obama's press conference at noon, and here's what we know... Blame it on the creditors ...

Obama announces Chrysler bankruptcy, deal with Fiat; Nardelli out soon *UPDATED 6 months ago on Autoblog

President Obama has just concluded a televised press conference where he announced that Chrysler will indeed head into Chapter 11 bankruptcy proceedings almost immediately. As part of the same announcement, he noted that the Auburn Hills automaker has reached terms with Fiat and will be headed into ...

Autoblog Podcast #125 6 months ago on Autoblog

We're up to a buck and a quarter, and Episode #125 of the Autoblog Podcast is nearly a half-hour of value. Chris, Sam, and Dan jump in and cover a slew of recent topics. To start, Sam recounts his recent drive in a Cruze-based Volt mule. We turn our attention to Ford's stupid mileage tricks ...

REPORT: Obama planning to announce Chrysler bankruptcy tomorrow 6 months ago on Autoblog

According to a report by Bloomberg citing the usual unnamed sources, President Obama will announce tomorrow that Chrysler will file for Chapter 11 bankruptcy while continuing to work on its alliance with Fiat. Bloomberg's source made it clear that the there are still several loose ends and the plan ...

Fiat CEO Marchionne: "If I was a betting man, I would suggest Chrysler is going to fall into Chapter 11" 6 months ago on Autoblog

After yesterday's Chrysler news regarding the first-lien holders and the U.S. Treasury coming to terms, we hope none of you thought the Pentastar had gotten off the see-saw. The latest tidbit comes from Fiat CEO Sergio Marchionne, but it comes via CAW head Ken Lewenza. According to Lewenza, ...

REPORT: MI attorney general pleads for automakers to declare bankruptcy in state 6 months ago on Autoblog

As in a basketball game when players are yanking on jerseys trying to block each other out under the basket, General Motors and Chrysler's creditors have officially begun jockeying for position. Michigan's Attorney General, Mike Cox, has sent letters to the CEOs at both companies to ask that, if ...

Ford counting on the "B" word to score conquest sales 6 months ago on Autoblog

Is that 'B' as in bankruptcy or 'B' as in bailout? Probably 'B' as in both. Regardless of the buzzword you choose to slap on the respective situations General Motors and Chrysler find themselves in, it's not good, and Ford realizes this fact just as clearly as the rest of us. In response, the Blue ...

Chrysler hires bankruptcy lawyers... you know, just in case 11 months ago on Autoblog

The Wall Street Journal is reporting that Chrysler LLC has retained the services of law firm Jones Day, which specializes in representing companies as they go through the process of filing for Chapter 11 bankruptcy. Chrysler reportedly hired the law firm several weeks ago, anticipating that its ...

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Autoblog Podcast #151: With Car and Driver's Eddie Alterman

Eddie Alterman wades in with Sam, Chris, Dan, and Jonny to talk about SEMA and other recent events.

 
 

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