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Enough Is Enough? Cerberus May Give Up On Chrysler And It's 4 Billion Bailout Portion Unlike General Motors, Chrysler has provided few specifics on how it plans to overhaul its operations after receiving federal loans.After President Bush announced loans for both companies on Friday, Chrysler’s parent, the private equity firm Cerberus Capital Management, said in a statement that it hoped to “facilitate the restructuring and the recapitalization of Chrysler.”But in the same statement, Cerberus raised questions about whether it would remain an investor if Chrysler... Article added: 2008-12-23 06:51:46 Article Views Rating: 183
Dec. 22 letter from Bob Nardelli to Chrysler employees | detnews.com | The Detroit News Dear Employees, As this eventful year draws to a close, I'd just like to take a moment and once again express my personal appreciation and thank you for your commitment and dedication to Chrysler LLC. Reflecting back on the year, I'm sure we can all agree that this one stands out for the extraordinary challenges we faced, as well as for the many accomplishments we can look back on. We are grateful to the U.S taxpayers and the U.S. Treasury Department that they will provide a loan to Chrysler to help... Article added: 2008-12-23 06:51:44 Article Views Rating: 186
GM, Chrysler suffer more ratings downgrades | detnews.com | The Detroit News A federal bailout of $17.4 billion was not enough to keep Standard & Poor's Corp. from downgrading the credit ratings of General Motors Corp. and Chrysler LLC today on continued concerns both automakers will undertake distressed debt exchanges and fears bankruptcy will remain a risk in 2009. "We've been pretty clear all along that this government money we view as buying these companies time, but not solving their problems," said Robert Schultz, the S & P credit analyst behind both reports, in an... Article added: 2008-12-23 06:51:44 Article Views Rating: 184
Bush defends loans to GM, Chrysler | detnews.com | The Detroit News President Bush defended his decision to loan $17.4 billion to General Motors Corp. and Chrysler LLC in his radio address Saturday, saying it would require "meaningful" sacrifices from auto workers, dealers and suppliers. Bush explained how automakers would have to demonstrate by March 31 that they will be viable. "This restructuring will require meaningful concessions from all involved in the auto industry -- management, labor unions, creditors, bondholders, dealers, and suppliers," Bush said during his... Article added: 2008-12-22 05:54:28 Article Views Rating: 141
Chrysler And GM Revive Merger Talks General Motors and Chrysler have reopened merger talks, with Chrysler's private owners signaling a willingness to give away part of its stake in the automaker, The Wall Street Journal reported Thursday, citing people familiar with the discussions.GM spokesman Tony Cervone said GM's stance on the merger talks has not changed, however, since the automaker suspended them when it announced third-quarter earnings in November.With cash running low at both companies, Chrysler majority owner Cerberus Capital... Article added: 2008-12-19 08:13:36 Article Views Rating: 164
Chrysler to idle all plants; 9 Ford sites on planned shutdown | detnews.com | The Detroit News Chrysler LLC, responding to a severe sales slump, tight credit and urgent need to preserve cash, will idle all of its North American manufacturing operations for at least 30 days beginning this Friday. And Ford Motor Co. has a planned shutdown affecting nine of its North American assembly plants for an extra week in January due to the slumping U.S. auto market, under previously announced plans to trim first quarter output. A tenth Ford facility, Kentucky Truck Plant in Louisville, is down for retooling... Article added: 2008-12-18 08:03:57 Article Views Rating: 173
Chrysler Financial asking dealers to cut back on loan requests | detnews.com | The Detroit News As the wait continues for government assistance for Chrysler LLC, anxious dealers have made inordinately higher requests for loans from Chrysler Financial to stock up on inventory. That has prompted a warning that loans may have to be temporarily suspended, according to a Dec. 12 letter from Chrysler Financial Chief Executive Officer Thomas Gilman obtained by The Detroit News. The letter states that daily requests by dealers from a fund used to pay off those loans were approaching $60 million, "well... Article added: 2008-12-18 08:03:57 Article Views Rating: 157
Chrysler to idle all plants | detnews.com | The Detroit News Chrysler LLC is shutting its North American production operations Friday for a month, the latest in a string of drastic cost-cutting measures it is making as it awaits word on emergency federal loans to prevent it from possibly having to file for bankruptcy. The Auburn Hills automaker said the action is a response to a severe sales slump, tight credit and an urgent need to preserve cash. All 30 of the company's assembly, engine and transmission plants in the United States, Canada and Mexico will close... Article added: 2008-12-18 08:03:56 Article Views Rating: 143
Chrysler to idle all plants; 9 Ford sites on planned shutdown | detnews.com | The Detroit News Chrysler LLC, responding to a severe sales slump, tight credit and urgent need to preserve cash, will idle all of its North American manufacturing operations for at least 30 days beginning this Friday. And Ford Motor Co. has a planned shutdown affecting nine of its North American assembly plants for an extra week in January due to the slumping U.S. auto market, under previously announced plans to trim first quarter output. A tenth Ford facility, Kentucky Truck Plant in Louisville, is down for retooling... Article added: 2008-12-18 08:03:23 Article Views Rating: 169
Chrysler Financial asking dealers to cut back on loan requests | detnews.com | The Detroit News As the wait continues for government assistance for Chrysler LLC, anxious dealers have made inordinately higher requests for loans from Chrysler Financial to stock up on inventory. That has prompted a warning that loans may have to be temporarily suspended, according to a Dec. 12 letter from Chrysler Financial Chief Executive Officer Thomas Gilman obtained by The Detroit News. The letter states that daily requests by dealers from a fund used to pay off those loans were approaching $60 million, "well... Article added: 2008-12-18 08:03:23 Article Views Rating: 146 |
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