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 clean Chrysler’s balance sheet, [...]
Chrysler will idle most plants while in bankruptcy
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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 [...]
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 under their plan, while [...]
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 franchise.
[...]
GM bondholders present alternate plan to task force
Lenders claim their proposal saves taxpayers $10 billion
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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 company for $27 billion in debt.
[...]
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 official said today.
[...]
