Posted on June 30th, 2011 • by Bill Cawthon
Employment figures released today by Chrysler in advance of the negotiations with the United Auto Workers union show not only how deep Daimler cut worker ranks but the even greater slashes inflicted by Cerberus Capital Management in its tenure. At the end of 2000, Chrysler employed 75,489 hourly and salaried UAW workers. By the time [...]
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Posted on December 21st, 2010 • by Bill Cawthon
TD Bank Group of Toronto (formerly Toronto Dominion) will pay $6.3 billion to acquire Chrysler Financial from Cerberus Capital Management. The all-cash transaction includes assets of $5.9 billion and approximately $400 million in goodwill. TD does not intend to issue common equity in connection with this transaction. TD will gain all of Chrysler Financial’s processes [...]
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Posted on November 24th, 2010 • by David Zatz
Automotive News reported that Cerberus is trying to sell Chrysler Financial, the former captive lender of the former Chrysler Corporation. The company is reported worth around $6-7 billion, after having repaid $1.5 billion in Treasury loans. In July, Chrysler Financial tried to go back to originating new loans on a large scale, according to the [...]
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Posted on September 10th, 2010 • by Bill Cawthon
More than 450 Chrysler retirees have filed a class action suit in the Wayne County (Michigan) Circuit Court against Daimler AG and Cerberus Capital Management LLC over the loss of supplemental pension benefits during the automaker’s 2009 bankruptcy. The pensions, covering workers and managers, were set up under a private program and so were not [...]
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Posted on July 22nd, 2010 • by Bill Cawthon
Chrysler Financial’s executive compensation is no longer subject to review by Kenneth Feinberg, the Treasury’s pay czar for companies that sought refuge under the government’s Troubled Asset Relief Program. A May payment of $1.9 billion from Cerberus Capital Management allowed Chrysler Financial to eliminate the government’s debtor-in-possession loans, freeing it from government oversight. The payment [...]
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Posted on July 21st, 2010 • by Bill Cawthon
Chrysler Financial, the former lending source for Chrysler, Dodge and Jeep dealers, is considering a return to its former business. It’s also considering a name change, much as GMAC has done in changing its name to Ally. According to Automotive News, the company wants to start making loans to consumers with near-prime credit and has [...]
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