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Chrysler plan to Congress requires $7 billion in loans to ward off death We've already seen GM and Ford issue their pleas for government loans, and now it's Chrysler's turn. The only privately-owned automaker of the three released a 13-page document outlining the aid it seeks from the Feds and how it plans on spending our hard-earned cash. If you want to read the full text, it's available after the jump. But the condensed version follows.Chrysler is requesting a $7 billion "secured working capital bridge loan" by December 31st, citing the collapse of the light-duty vehicle... Article added: 2008-12-03 07:00:11 Article Views Rating: 137
Chrysler: Warns it needs loan to stay in business | The Detroit News | detnews.com Chrysler LLC, the smallest and weakest of Detroit's automakers, said it may not be able to keep its business going beyond March if it does not obtain $7 billion in bridge loans from the government this month. In a plan sent to Congress on Tuesday to support its loan request, Chrysler said it had $9.4 billion in cash at the end of June but expects to end the year with only $2.5 billion cash on hand because of a collapse in U.S. auto sales aggravated by a financial crisis. "We are asking you to help us... Article added: 2008-12-03 07:00:08 Article Views Rating: 133
Chrysler hasn't killed future product plans... yet As you'd imagine, it's pretty tough to run a successful auto company if there's no viable product in the pipeline. Chrysler has seen its fair share of negative press for not announcing a clear strategy to rebuild the heart of its line-up, namely the Chrysler Sebring and the Dodge Avenger, and it's unclear how much life the aging 300C and Charger platform has in it. According to Chrysler's product development chief, Frank Klegon, though, there's nothing to worry about... assuming that the Feds pull... Article added: 2008-12-02 10:58:37 Article Views Rating: 135
Chrysler layoffs unlikely | The Detroit News | detnews.com Overwhelming response by Chrysler LLC salaried workers taking buyout packages may be enough to avoid further layoffs. "We're fairly certain we've achieved our target and won't have to do any involuntary layoffs for the end of the year," spokeswoman Lori McTavish said Friday. Thousands of white-collar workers chose to take packages and walked out the door for the last time Wednesday night. And while most will drop off the payroll as of Nov. 30, the high take rate has forced some departments to offer a... Article added: 2008-11-29 08:01:09 Article Views Rating: 151
Cerberus making big demands for remaining stake in Chrysler 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 control of Chrysler, Cerberus would have a tough time offloading it in either one lump deal or in smaller, bit-by-bit transactions. But it sounds like Chrysler's majority owner isn't making life easy for... Article added: 2008-11-27 08:21:34 Article Views Rating: 110
Chrysler ties fed aid to buyouts | The Detroit News | detnews.com After 10 years, Ed Saenz will no longer be a Chrysler LLC spokesman or even a Chrysler employee. He joined a parade of white-collar workers who on Wednesday handed in paperwork to take a buyout from the Auburn Hills automaker. His decision and that of likely thousands of others follows Chrysler's Oct. 24 announcement that the company would cut about 5,000 of its 17,300 white-collar salaried and contract workers in response to difficult market conditions. The cuts worldwide are expected to take place by... Article added: 2008-11-27 08:21:33 Article Views Rating: 125
Giants feud over value of Chrysler | The Detroit News | detnews.com A war of words erupted Wednesday between Daimler AG and Cerberus Capital Management LLC over the terms of the German automaker's sale of a majority stake in Chrysler LLC to the private equity firm. The dispute could jeopardize Cerberus' purchase of the rest of Chrysler and may have to be settled in court. The two companies are sparring over the amount New York-based Cerberus paid Daimler last year for an 80.1 percent stake in Chrysler Holding LLC, which comprises the automaker and Chrysler Financial... Article added: 2008-11-27 08:21:31 Article Views Rating: 126
Chrysler's $2.99 gas card promo pretty worthless, for now Oh well. Those Chrysler "Let's Refuel America" gas cards undoubtedly sounded good to car buyers over the summer when gas was well over four bucks and it seemed like there was no limit to how high the price could go. Offered in lieu of rebates, the gas cards essentially locked drivers into the then-cheap pump price of $2.99/gallon. Now, several months and countless hysterical media reports later, the economy is in the tank and so, as it happens, is the price of gas. In what feels like a time warp... Article added: 2008-11-25 08:00:19 Article Views Rating: 127
Chrysler's $2.99 gas card promo pretty worthless, for now Oh well. Those Chrysler "Let's Refuel America" gas cards undoubtedly sounded good to car buyers over the summer when gas was well over four bucks and it seemed like there was no limit to how high the price could go. Offered in lieu of rebates, the gas cards essentially locked drivers into the then-cheap pump price of $2.99/gallon. Now, several months and countless hysterical media reports later, the economy is in the tank and so, as it happens, is the price of gas. In what feels like a time warp... Article added: 2008-11-25 07:57:34 Article Views Rating: 104
The lessons of the 1979 Chrysler loan guarantee | The Detroit News | detnews.com WASHINGTON -- When Chrysler teetered on the brink of bankruptcy in 1979, the automaker spent months building support for a $1.5 billion loan guarantee that helped save the company and tens of thousands of jobs. Nearly 30 years later, the U.S. auto industry is getting only weeks to make its case. Still, the Chrysler chapter offers lessons to the executives of General Motors Corp., Ford Motor Co. and Chrysler LLC -- the private equity successor to the old Chrysler Corp. -- as well as the United Auto... Article added: 2008-11-24 08:19:09 Article Views Rating: 123 |
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