With the emergence of Chrysler Group from bankruptcy, the Obama Administration is terminating its program that essentially provided government guarantees for new vehicle warranties. The $641 million allocated for the program, that also covered new GM vehicles, has been returned to the Treasury with interest.
“With the successful emergence of the new companies, consumers can now [...]
Dozens of blogs have reported that President Barack Obama forced Chrysler to remove franchises from 789 dealerships for political reasons. On June 2, Jim Press testified that not renewing franchises for these dealers was necessary for corporate profitability. The 25% of dealers being dropped accounted for 14% of Chrysler’s overall sales; but sales are not [...]
On Friday, the U.S. Treasury, obviously expecting Judge Arthur Gonzalez to approve Chrysler’s transfer of assets as early as tomorrow, set up a new company to receive them.
The new company, NewCarCo Acquisition, LLC, is based in Wilmington, Delaware and already has $6,943,000,000 in its account, courtesy of Uncle Sam. This is the funding the Obama [...]
Chrysler welcomes the President’s announcement of a framework for a single national approach for fuel economy and greenhouse gas standards. We thank the Administration for their leadership.
Today’s announcement begins an important process of harmonizing state and federal fuel economy programs. Chrysler has long been an advocate for a national approach to fuel economy as the [...]
While there has been no official comment from Chrysler, a senior official in the Obama Administration confirms that Chrysler has reached a deal with its major creditors to write down a significant portion of its $6.9 billion in debt. and qualify for up to $6 billion in government loans.
“The agreement from Chrysler’s principal banks is [...]
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 [...]
U.S. Senator Carl Levin says GM bondholders need to work with the automaker and the Auto Task Force on restructuring billions of dollars in GM debt or risk losing everything if the company goes bankrupt.
“I think the bondholders recognize what the alternatives are: It’s that they either take a haircut, or they take a [...]
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