GM preps for Chapter 11 with new deals

May 26th, 2009 by DaveAdmin

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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Tags: auto task force, automakers, bankruptcy, banks, General Motors, Government loans, loans. Auto industry, Bankruptcy, GM, Government loans

GMAC must raise $11.5 billion

May 7th, 2009 by Bill Cawthon

Federal regulators have informed GMAC that it must raise $11.5 billion to stabilize its books and replenish its reserves. The new capital requirement does not include additional funding to cover GMAC’s new responsibilities as the financing source for Chrysler vehicles.
The order came following a series of stress tests designed to evaluate the health of the [...]

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Tags: banks, Cerberus, Chrysler, GMAC, Government loans. Ads and marketing, Cerberus, Chrysler, GMAC, Government loans

Non-TARP lender list

May 6th, 2009 by DaveAdmin

The “Non-TARP lenders” who are still opposing a quick sale of Chrysler, instead favoring liquidation, are listed below (with thanks to sebring96hbg).
It is interesting to note that all but one are headquartered in New York, with two in Purchase. There may be some overlap in ownership. The “Arrow Distressed Securities Fund” almost certainly bought the securities [...]

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Tags: bankruptcy, banks, Chrysler, hedge funds, loans. Bankruptcy, Chrysler

Judge: Chrysler creditors will be public

May 5th, 2009 by DaveAdmin

Judge Gonzalez rejected a group of Chrysler creditors’ demand to remain anonymous, based on “death threats” which turned out to be general posts in the comments section of a Web site. The secured debt-holders who wish to block the Treasury-Chrysler-Canada-Fiat deal will have to publish their identities.
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Tags: bankruptcy, banks, Chrysler, Judge Gonzalez. Chrysler

Chrysler plan objectors disappearing

May 5th, 2009 by DaveAdmin

The number of creditors objecting to the Chrysler-Fiat-Treasury plan appears to be dwindling, if a motion filed today by the “Attorneys for the Chrysler Non-TARP Lenders” (Thomas Lauria, who claimed death threats as the sole named attorney) is any evidence.
In part II, the document tellingly describes the “Non-TARP Lenders” as holding “over $300 million of [...]

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Tags: banks, Chrysler, credit, creditors, design, Dodge Ram, Fiat, GEM, government, hedge funds, loans, managers, market, President Obama, stock, Strategic Vision, Treasury, UAW, union, VEBA. Bankruptcy, Chrysler

Court okays Chrysler payments to dealers and suppliers

May 4th, 2009 by Bill Cawthon

Judge Arthur Gonzales approved $4.6 billion in debtor-in-possession financing allowing Chrysler to pay its dealers and suppliers and to give Chrysler time to finalize its alliance with Fiat.
The U.S. Treasury will supply $4.1 billion of the funding with another $400 million coming from New York banks that already banks hold about $4 billion in Chrysler [...]

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Tags: Alliances, bankruptcy, banks, Chrysler, Fiat. Alliances, Bankruptcy, Chrysler, Fiat

Tag Archive for 'banks'

GM preps for Chapter 11 with new deals

GMAC must raise $11.5 billion

Non-TARP lender list

Judge: Chrysler creditors will be public

Chrysler plan objectors disappearing

Court okays Chrysler payments to dealers and suppliers

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