February 19th, 2010 by DaveAdmin
The current Chrysler Group LLC has reached an agreement with the “Old Carco” to buy the Sterling Heights assembly plant, where the Dodge Avenger and Chrysler Sebring are made. The selling price is $20 million, at the high end of estimates of the plant’s worth, with the sellers likely taking advantage of Chrysler’s need for [...]
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February 19th, 2010 by Bill Cawthon
Bob Lutz is complaining about the underpaid executives at GM and now, even as it slashes its retirees’ benefits, bankrupt Visteon wants to hand out millions of dollars in bonuses.
Visteon yesterday asked U.S. Bankruptcy Court Judge Christopher Sontchi for up to $34.5 million to pay bonuses to 1,300 employees. Of that money, as [...]
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January 21st, 2010 by DaveAdmin
The old Chrysler, Old Carco or Chrysler LLC (as opposed to Chrysler Group LLC), has had its bankruptcy process moved forward as Judge Arthur Gonzalez approved the company’s disclosure statement and voting process for liquidation.
Michigan tax and environmental agencies are demanding priority, as the old company owes some taxes and $2.8 million in environmental remediation [...]
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January 1st, 2010 by Bill Cawthon
Chrysler Group is suing the states of Illinois, Maine and North Carolina, along with John Kroger, the Attorney General of Oregon. The suits allege that those states have revised their dealer laws in a manner that violates the U.S. Constitution and U.S. bankruptcy law.
The revised state laws restrict Chrysler’s ability to grant new franchises or [...]
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December 14th, 2009 by DaveAdmin
Indiana’s treasurer was dealt a final defeat by the United States Supreme Court, which dismissed three state pension funds’ challenge to the sale of 20% of Chrysler (escalating to 35% of Chrysler) to Fiat.
Republican State Treasurer Mourdock had the Indiana State Police Pension Trust, the Indiana State Teachers Retirement Fund and the Major Movers Construction [...]
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September 22nd, 2009 by Bill Cawthon
Old Carco, LLC, the company formed to manage and liquidate the assets abandoned after the formation of Chrysler Group LLC, lost $344 million in July, according to a filing in New York bankruptcy court. It reported about $2 million in revenue, mostly from charges to the new Chrysler Group for operating facilities licensed to the [...]
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