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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 [...]
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 [...]
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 [...]
Even as the clock ticks off the minutes until Chrysler’s April 30 “do-or-die” deadline, one of the issues facing the automaker appears no closer to a resolution: the 19.1 percent of the company still owned by Daimler AG. In remarks prepared for Daimler’s stockholder meeting yesterday, CEO Dieter Zetsche again blamed Cerberus Capital Management, the [...]