Workers at factories that are to be closed or sold have been offered early retirement. The plan covers hourly workers at Sterling Heights, Conner Avenue, St. Louis North, St. Louis South, Twinsburg Stamping, and Kenosha Engine; those whose combined age and years with the company are more than 85 years, and who are over 60 [...]
Bloomberg (as reported in Automotive News) has discovered that the UAW has agreed not to strike against Chrysler until September 2015, instead relying on binding arbitration. The contract finalized on April 29, 2009, will expire in September 2011; changes can be negotiated but any unresolved differences will be arbitrated. The contract cuts health care benefits, [...]
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 [...]
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 [...]
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 United Auto Workers union today announced it had reached an agreement with Chrysler, Fiat and the U.S. Treasury that will reduce Chrysler’s obligations to the union’s retiree healthcare program.
The deal marks another hurdle Chrysler has cleared in its efforts to avoid filing for bankruptcy and clear the way for an alliance with the Italian [...]
While Chrysler released a note saying that a tentative agreement had been reached with the CAW, no details of the pact were provided. The CAW, though, provided the following information.
Cost savings for Chrysler Canada are estimated at over $240 million per year, from the CAW members’ 12.5 million hours of work per year for Chrysler Canada. [...]
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