Posted on September 10th, 2010 • by Bill Cawthon
More than 450 Chrysler retirees have filed a class action suit in the Wayne County (Michigan) Circuit Court against Daimler AG and Cerberus Capital Management LLC over the loss of supplemental pension benefits during the automaker’s 2009 bankruptcy. The pensions, covering workers and managers, were set up under a private program and so were not [...]
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Posted on May 21st, 2009 • by Bill Cawthon
A group calling itself the Indiana Pensioners is challenging Chrysler’s reorganization plans and wants an examiner to look into the company’s business decisions. The Indiana Pensioners consists of the Indiana State Police Pension Trust, the Indiana State Teachers Retirement Fund and the Major Movers Construction Fund. All three funds hold Chrysler senior secured debt. The [...]
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Posted on May 7th, 2009 • by David Zatz
Neil Roland, covering the Chrysler bankruptcy for Automotive News, wrote today that the 16,000 non-union retirees and their spouses will be represented in the stakeholder committee. A group of retirees said that up to this point, they had not been included in negotations. Delphi’s bankruptcy rulings eliminated health care for salaried retirees, while providing massive [...]
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Posted on April 27th, 2009 • by Bill Cawthon
German automaker Daimler AG has agreed to give Cerberus Capital Management its 19.9 percent share of Chrysler LLC and write off a $1.5 billion loan, helping the Detroit automaker to clear way for the Detroit automaker’s proposed alliance with Fiat SpA and avoid bankruptcy. Daimler today signed a term sheet with Cerberus Capital Management and [...]
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Posted on November 18th, 2008 • by David Zatz
Chrysler LLC Chairman and Chief Executive Bob Nardelli read the following statement to the U.S. Senate Committee on Banking, Housing and Urban Affairs, on Nov. 18, 2008: Mr. Chairman, members of the Committee, I appreciate this opportunity to address the current economic and financial crisis, the impact it is having on the automotive industry, and [...]
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