Chrysler creditors can sue Daimler

August 13th, 2009 by DaveAdmin

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 [...]

Tags: Chrysler, creditors, Daimler, Judge Gonzalez, lawsuit, loans. Bankruptcy, Cerberus, Chrysler, Daimler

More defaults on car loans

June 15th, 2009 by DaveAdmin

The Detroit News reported that the rate of car payments 60 days or more late has risen 28% in the first quarter, compared with the first three months of 2008. The rate continues to be fairly low, at 0.83% (eight loan payments out of a thousand). Customers seem to have a larger problem making mortgage [...]

Tags: loans. Auto industry

GM preps for Chapter 11 with new deals

May 26th, 2009 by DaveAdmin

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 [...]

Tags: auto task force, automakers, bankruptcy, banks, General Motors, Government loans, loans. Auto industry, Bankruptcy, GM, Government loans

Non-TARP lender list

May 6th, 2009 by DaveAdmin

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 [...]

Tags: bankruptcy, banks, Chrysler, hedge funds, loans. Bankruptcy, Chrysler

Chrysler plan objectors disappearing

May 5th, 2009 by DaveAdmin

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 [...]

Tags: banks, Chrysler, credit, creditors, design, Dodge Ram, Fiat, GEM, government, hedge funds, loans, managers, market, Obama, President Obama, stock, Strategic Vision, Treasury, UAW, union, VEBA. Bankruptcy, Chrysler

US Government may lose Chrysler loans

May 4th, 2009 by DaveAdmin

David Shephardson of the Detroit News has just posted an article quoting Chrysler’s senior financial advisor Ron Manzo as saying that the company would be unlikely to repay the $4 billion loaned by the Bush Administration in January. Shephardson confirmed with a “government official” that Chrysler would probably not repay that first $4 billion. The Treasury [...]

Tags: Canada, Chrysler, EPA, Fiat, government, loans, May, Treasury. Bankruptcy, Canada, Chrysler

S&P lowers Chrysler ratings

April 10th, 2009 by Bill Cawthon

Standard & Poor’s lowered its ratings on Chrysler’s senior secured loans due in 2013 and 2014 two grades, from CCC to CC, citing the likelihood of default and lower potential recoveries by holders of Chrysler debt.
The New York-based ratings firm estimates those holding Chrysler debt might recover just 30 to 50 cents on the dollar [...]

Tags: Chrysler, loans, ratings. Bankruptcy, Chrysler

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