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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 [...]
Officials of three Indiana funds have petitioned the U.S. Supreme Court to reconsider hearing their objections to bankruptcy court decisions that allowed Chrysler to be taken over by Italian automaker Fiat. The officials still maintain the sale unfairly favored certain unsecured stakeholders, like United Auto Workers, ahead of secured debtholders like the pension funds. The [...]
Old Carco LLC defaulted on $3.34 billion in debtor-in-possession financing from the U.S. and Canadian governments in June. The company also missed a $29 million interest payment on the loan. According to documents filed yesterday, the remnants of Chrysler that remained in bankruptcy had costs of $10.2 billion in June, more than the total assets [...]
Old Carco, the company created to handle assets abandoned by Chrysler Group LLC when it exited bankruptcy, has asked the U.S. Bankruptcy Court in New York to stop lawsuits filed by eleven terminated dealerships. The dealerships are trying to sue to regain their franchises. The motion, filed Tuesday, asserts the dealers are trying to do [...]