Judge Arthur Gonzalez has given Chrysler’s unsecured creditors permission to sue Daimler AG, with the claim that Daimler took away Chrysler’s most valuable assets before selling it to Cerberus Capital Management. The group is seeking over $3 billion in debt.
The details of the suit have not been released. However, it appears that the Treasury could also [...]
OppenheimerFunds and Stairway Capital Management, two of the Chrysler debt holders opposed to the proposed Chrysler bankruptcy plan, have dropped out of the Chrysler Non-TARP Lenders Group and withdrawn their objections.
In a statement released this morning, Bruce Dunbar of Oppenheimer said, “OppenheimerFunds, Inc. shares the goals of all Chrysler stakeholders seeking to strengthen the automaker. [...]
The majority of Chrysler’s secured creditors have agreed to a deal with the U.S. Treasury, a move that bolsters the automaker’s hopes for a quick passage through bankruptcy. In all, more than 100 funds agreed to the plan.
The group will swap $6.9 billion in first-tier secured debt for $2 billion in cash. That’s $250 million [...]
Diana Adams, Chrysler’s U.S. bankruptcy trustee, today appointed eleven members to the committee of unsecured creditors. The committee will represent the interests of all creditors in the proceedings.
The members, including three dealers and four suppliers, named today include:
• Zanetti Chrysler-Jeep-Dodge, New York City, New York
• Darcars Imports Inc., Silver Spring, Maryland
• AutoNation Inc., Fort Lauderdale, [...]
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 [...]
The Treasury department has rejected a proposal from Chrysler’s creditors. The group of large banks and some private equity firms, offered to convert $6.9 billion in secured debt to a $4.5 billion first lien secured loan, plus $1 billion in preferred equity in the company and a 40 percent common equity stake. The group also [...]
In their rush to send out key details of Obama’s auto plan, many journalists ignored important information. This is the full text; other documents are available from the White House.
One of the challenges we have confronted from the beginning of this administration is what to do about the state of our struggling auto industry. [...]
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