Thursday, April 30, 2009 Chrysler files for Chapter 11 bankruptcy David Shepardson / Detroit News Washington Bureau Washington — Chrysler LLC filed for bankruptcy protection Thursday afternoon and announced it has reached a partnership agreement with Italian automaker Fiat SpA. The filing in U.S. Bankruptcy Court in New York is an effort to quickly wipe [...]
Chrysler will idle most plants while in bankruptcy queryvar=”chrysler,will,idle,most,plants,while,in,bankruptcy”; David Barkholz and and Robert Sherefkin Automotive News | April 30, 2009 – 2:47 pm EST DETROIT — Chrysler LLC will idle most of its plants during its time in bankruptcy. The shutdown begins Monday and will stretch through the 30 to 60 days [...]
Thursday, April 30, 2009 GM bondholders seek to take majority stake Associated Press New York — A committee of General Motors Corp.’s bondholders has offered to take a 58-percent stake in the restructured automaker in exchange for their $27 billion in debt. The bondholders say the U.S. government wouldn’t take a stake in the automaker [...]
GM will pay terminated dealers only for inventory, parts queryvar=”gm,will,pay,terminated,dealers,only,for,inventory,parts”; Jamie LaReau Automotive News | April 29, 2009 – 11:56 am EST DETROIT — General Motors says it will repurchase unsold new vehicles and parts from dealers whose franchise agreements are terminated, but the automaker won’t compensate dealers for the loss of the [...]
GM bondholders present alternate plan to task force Lenders claim their proposal saves taxpayers $10 billion queryvar=”gm,bondholders,present,alternate,plan,to,task,force”; Automotive News | April 30, 2009 – 12:01 am EST DETROIT (Reuters) — Bondholders today presented an alternative to General Motors’ just-launched debt-for-equity exchange in a deal that would swap a 51-percent stake in a restructured [...]
Chrysler will proceed with bankruptcy as Fiat deal appears close Talks with bondholders halted; Obama to speak at noon queryvar=”chrysler,will,proceed,with,bankruptcy,as,fiat,deal,appears,close”; Automotive News | April 30, 2009 – 7:48 am EST WASHINGTON (Reuters) — Chrysler LLC will proceed with Chapter 11 bankruptcy protection now that talks with debt holders have broken down, an administration [...]
