Getrag-Chrysler joint venture goes bankrupt
Posted on November 17th, 2008 • by David Zatz
According to Automotive News, Getrag Transmission Manufacturing LLC has declared bankruptcy. Chrysler recently left the joint venture, claiming that Getrag had failed to obtain $300 million in financing without Chrysler loan guarantees. The factory which was to have made dual-clutch automated manual transmissions has been built, but tooling has not been set up. Getrag and Chrysler are suing each other, Chrysler for Getrag’s failure to obtain financing without loan guarantees, and Getrag for Chrysler’s dropping out of the project.
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