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    Tag Archive for 'bailout'

    Auto sector TARP losses to be smaller?

    The Treasury Department has revised its estimate of losses from Federal intervention in the auto industry, from a $24 billion loss down to a $17 billion loss. That includes General Motors, Chrysler, and auto financers. Many people continue to quote the $700 billion spent on TARP as though it was “money lost,” but only $475 [...]

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    Bloomberg: insiders say bankruptcy announcement, if any, comes tomorrow

    Bloomberg, citing un-named sources, said that President Obama would announce Chrysler’s bankruptcy tomorrow, along with its alliance with Fiat. However, the President reportedly still hopes for an agreement with the remaining lenders.

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    Post: Chrysler creditor deal concluded

    According to the Washington Post, Chrysler’s creditor group has reached an accord with the Treasury Department which will, coupled with this week’s union deals, prevent bankruptcy. A group of 45 financial firms have agreed to drop their debt demand from $6.9 to $2 billion and around 10% of the company’s equity, shared with the U.S. [...]

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    Chrysler lenders’ counter-offer

    The current Chrysler first-lien lenders group’s offer for to the Treasury is dropping the debt level to $3.75 billion, and 40% of Chrysler’s equity. The lenders have dropped $750 million in debt, their demand for $1 billion of their equity to be preferred equity, and their demand that Fiat invest $1 billion. This is still [...]

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    Obama’s actual statements

    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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    Bob Nardelli’s reaction to the White House report

    Dear Employees, Today’s announcement by the Administration represents an important step forward on our path to viability. The Administration, U.S. Treasury and the President’s Auto Task Force have recognized Chrysler’s viability as an important part of the U.S. auto industry and overall economy, and have provided a critical vote of confidence in our alliance with [...]

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