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Judge denies White & Case; Chrysler bankruptcy moves on

Reuters has just reported that Federal Judge Thomas Griesa denied the Indiana pension funds’ request to delay the sale of key Chrysler assets, a move that would likely push the company into liquidation. The petition, characterized by highly political language vilifying the White House, filed by White & Case claimed that the government did not have the authority to provide financing for the deal. Some industry analysts stated that the lawsuit appears to be politically motivated.

Read the full story: Judge denies White & Case; Chrysler bankruptcy moves on  »

Chrysler response to Indiana pensions’ suit

Chrysler LLC has responded to the petition of White & Case, representing Indiana pension funds, to stop the quick sale of Chrysler’s main assets. Chrysler noted that if the petition was granted, the delay in the bankruptcy process would cause Chrysler to be liquidated, resulting in 4,000 lost jobs in Indiana and the loss of 9,000 pensions in the state.

The three pension funds, combined, have a total investment in Chrysler of $17 million;

Read the full story: Chrysler response to Indiana pensions’ suit  »

Gonzalez denied White & Case attempt to block Chrysler sale

Bankruptcy court judge Arthur Gonzalez, as expected, denied law firm White & Case’s politically charged motion to delay the sale of Chrysler assets. The firm had asked Gonzalez to delay the sale while they challenged its legality in another court. White & Case, which had represented several dissenting financial groups (which appear to have picked up Chrysler debt at a substantial discount), is representing two Indiana state pension funds and an Indiana construction fund.

Read the full story: Gonzalez denied White & Case attempt to block Chrysler sale  »

Landry provides dealership criteria

Steve Landry, Executive Vice President, North American Marketing and Mopar Parts and Service, provided the criteria used for selecting dealers which would continue to have a Chrysler, Dodge, or Jeep franchise:

“The process to evaluate dealers was a thorough, rigorous process that used a data-driven metric that included the following factors:

– Minimum Sales Responsibility
– A scorecard that measured sales, share, shipments, customer satisfaction index,

Read the full story: Landry provides dealership criteria  »

Dissenting law firm reappears with Indiana pension funds

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 group is represented by the law firm of White & Case, the same firm hired by the dissenting lenders in their unsuccessful bid to oppose the Chrysler plan.

Read the full story: Dissenting law firm reappears with Indiana pension funds  »

Belvidere going to single shift

Chrysler announced yesterday that the Belvidere Assembly and Stamping plants in Illinois, which build the Patriot, Compass, and Caliber, will move to a traditional single shift from its current shift-smoothing operation, which allowed first and second shifts to share work while running the plant on a single shift. As a result, 992 employees will be laid off on July 27, 2009.

All Belvidere employees will be eligible for a special buyout program,

Read the full story: Belvidere going to single shift  »

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