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 [...]
Judge Gonzalez has approved the use of $4.5 billion in government loans to Chrysler by the Treasury and Canadian government while the company is in bankruptcy. He also approved of the company’s payment of $8 billion in taxes owed, customer and dealer obligations, and suppliers’ debts for materials or services already provided. The moves makes [...]
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 [...]
According to the Washington Post, Chrysler’s creditor group has reached an accord with the Treasury Department which will, coupled with this week’s union deals, prevent bankruptcy. A group of 45 financial firms have agreed to drop their debt demand from $6.9 to $2 billion and around 10% of the company’s equity, shared with the U.S. [...]
The current Chrysler first-lien lenders group’s offer for to the Treasury is dropping the debt level to $3.75 billion, and 40% of Chrysler’s equity. The lenders have dropped $750 million in debt, their demand for $1 billion of their equity to be preferred equity, and their demand that Fiat invest $1 billion. This is still [...]
In their rush to send out key details of Obama’s auto plan, many journalists ignored important information. This is the full text; other documents are available from the White House.
One of the challenges we have confronted from the beginning of this administration is what to do about the state of our struggling auto industry. [...]
Dear Employees,
Today’s announcement by the Administration represents an important step forward on our path to viability. The Administration, U.S. Treasury and the President’s Auto Task Force have recognized Chrysler’s viability as an important part of the U.S. auto industry and overall economy, and have provided a critical vote of confidence in our alliance with Fiat [...]
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