Tag Archive for 'Treasury'Treasury takes over majority of GMAC December 30th, 2009 by DaveAdmin
The United States Treasury will invest another $3.8 billion in GMAC, which handles loans for General Motors and Chrysler vehicles. In return for its total $17.2 billion investment, the U.S. government will own 56% of GMAC; the additional $3.8 billion raised the government’s share from 35% to 56%.
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. AP: Judge approves Treasury-Chrysler financing May 4th, 2009 by DaveAdmin
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 [...] ShareUS 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 [...] SharePost: Chrysler creditor deal concluded April 28th, 2009 by DaveAdmin
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. [...] ShareChrysler lenders’ counter-offer April 24th, 2009 by DaveAdmin
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 [...] Share |
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