Reuters reports, quoting a senior administration official, Chrysler will file for protection under Chapter 11 bankruptcy. President Obama and the auto task force will discuss the automaker’s reorganization at noon (EST).
As of this morning, Chrysler and the U.S. Treasury had not been able to gain the necessary concessions from all of the company’s creditors, so [...]
While Chrysler released a note saying that a tentative agreement had been reached with the CAW, no details of the pact were provided. The CAW, though, provided the following information.
Cost savings for Chrysler Canada are estimated at over $240 million per year, from the CAW members’ 12.5 million hours of work per year for Chrysler Canada. [...]
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 [...]
According to a CBC news item, much of the $19 per hour difference Chrysler claims exists between their Canadian factory workers’ pay and those in Canadian Toyota plants is due to benefits. The CAW has publicly disputed Chrysler’s claim that line workers cost the company $76 per hour and, by implication, have disputed the $19 [...]
The CAW has publicly responded to Chrysler’s and the government’s demands for $19 per hour in concessions, which culminated in Tom LaSorda’s statement that Chrysler might pull all of its manufacturing from Canada.
The CAW pointed out that Chrysler has lower hourly labor costs and higher productivity in its Canadian plants than in the U.S., and [...]
Chrysler and the Canadian Auto Workers unions failed to reach an agreement on contract changes. The two sides had hoped to have an agreement by Friday to allow workers to vote on ratification over the weekend. The failure jeopardizes Chrysler’s chances of being able to meet a March 31 deadline for presenting a turnaround [...]
Rick LaPorte of CAW Local 444 responded to Tom LaSorda’s public statements regarding Canadian Chrysler plants and his threat to shut down all Canadian Chrysler facilities in a note to Local 444 members (Local 444 represents Windsor; Brampton is represented by Local 1285, and Etobicoke Casting in Toronto is represented by Local 1459). He wrote:
I write [...]
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