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 [...]
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 [...]
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 [...]
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.
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 [...]
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 [...]
Chrysler creditors who are seeking to avoid the quick sale of the “good assets” are now trying to keep their companies’ names secret, with an attorney claiming that he has received death threats, according to the Detroit News. Perhaps more to the point, some investors have already started pulling their funds from the companies that [...]
Allpar covers all Chrysler and related vehicles* with news, performance tips, forums, histories, repairs, racing, and more. Use the menus on top of the pages!
Cars - Engines - History - Forums - Repairs - Reviews - Other car reviews - Us - Terms of Service - News - Random link -
Corrections/Additions
Please read the terms of use! * Mopar, Dodge, Jeep, Chrysler, HEMI, and certain other names are trademarks of Chrysler, LLC. We are not Chrysler. We are not responsible for the consequences of actions taken based on this site and make no guarantees regarding validity or applicability of information or advice. The Webmaster is not an expert. Copyright © 1998-2000, David Zatz; copyright © 2001-2008, Allpar LLC. All rights reserved.
Allpar's Chrysler, Dodge, and Jeep news is powered by WordPress . Subscribe to our RSS feed
This blog uses the cross-linker plugin developed by Web-Developers.Net
SEO Powered by Platinum SEO from Techblissonline