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Chrysler-Getrag contractors: partly paid

In the waning years of DaimlerChrysler, a new plant created to build Chrysler-engineered dual-clutch transmissions went up near Tipton; Getrag was tapped because Daimler did not want to invest the needed capital. Even before the bankruptcy, Getrag abandoned the plant, claiming Chrysler had not lived up to its end of the deal. The plant contractors sued Getrag in 2008, and won, with a trust fund for the major contractors created; the county put in $13 million, and with the sale of the building in December 2010, the final condition for distributing funds was in place. (The plant was acquired by Abound Solar.)

Companies have received 44% of the value of their contracts. In the meantime, some contractors have gone bankrupt, having paid for labor and materials without getting income from Getrag. An article by Pat Munsey in Kokomo Perspective noted that local banks appeared to be understanding, not calling in loans until the building was sold. (Thanks, KCPWorker.)

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