Chrysler Group LLC has joined its unsecured creditors in suing its former owner Daimler AG. However, unlike the creditors, who are suing over Daimler’s alleged past misdeeds, Chrysler is suing because it claims Daimler is not honoring its contracts to supply Chrysler with components now.
The latest lawsuit was filed last Friday in U.S. Bankruptcy Court [...]
Having won the right to do so from Judge Gonzalez, a group of Chrysler unsecured creditors have now filed suit against Daimler, accusing the conglomerate of taking billions of dollars worth of assets from Chrysler before transferring it to Cerberus two years ago. By removing those assets, according to the creditors, Daimler made it impossible [...]
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 [...]
Faurecia, a French company that supplies interior components for the Chrysler Sebring and PT Cruiser, Dodge Avenger and Nitro, and Jeep Liberty, has filed a breach of contract lawsuit in Michigan state court seeking $45 million in actual engineering and R&D costs and an additional $58 million in damages from Chrysler.
In the suit, Faurecia claims [...]
John Campi, the Chrysler purchasing chief imported from Home Depot (which gave him a multi-million dollar severance package), left Chrysler today, citing health reasons. He was immediately replaced by 44-year old Scott Garberding, who joined Chrysler in 1996, prior to the Daimler takeover. Garberding had been vice president of global alliance operations.
Some sources familiar with Chrysler [...]
According to Getrag Transmission Manufacturing LLC, Chrysler has canceled the construction of advanced, efficient dual-clutch transmissions by Getrag in Indiana, as of Friday. Chrysler has sued Getrag over its inability to borrow $300 million to pay for tooling; Getrag said it would sue Chrysler for damages and reimbursement for the expense of building the plant, [...]
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