Posted on November 20th, 2009 • by Bill Cawthon
Steve Rattner, former head of the Obama Administration’s Auto Task Force, said replacing the management team installed by Cerberus Capital Mangement was one of the task force’s objectives in restructuring Chrysler. Rattner, who was speaking at Council on Foreign Relations-sponsored forum about the global auto industry, told the audience, “We wanted to have a completely [...]
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Posted on May 26th, 2009 • by David Zatz
Reuters has just reported that Federal Judge Thomas Griesa denied the Indiana pension funds’ request to delay the sale of key Chrysler assets, a move that would likely push the company into liquidation. The petition, characterized by highly political language vilifying the White House, filed by White & Case claimed that the government did not [...]
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Posted on May 26th, 2009 • by David Zatz
While Chrysler was able to negotiate terms with most creditors and stakeholders relatively early in the Chapter 11 process, General Motors appears to have had more hitches. Owners of $27 billion in bonds have refused to sign onto the GM deal, which would give them a 10% stake in a new GM in return for [...]
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Posted on March 30th, 2009 • by David Zatz
In their rush to send out key details of Obama’s auto plan, many journalists ignored important information. This is the full text; other documents are available from the White House. One of the challenges we have confronted from the beginning of this administration is what to do about the state of our struggling auto industry. [...]
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