Chrysler sale approved

Judge Arthur J. Gonzalez approved bidding procedures for the rapid sale of Chrysler assets late last night. Saying “there is an urgent need for the deal to be consumated,” he overruled objections from a group of lenders who termed the speeded-up process an “absurdity.”

Chrysler had asked for permission to have a quick sale of most of its assets to a new company held by Fiat SpA, the United Auto Workers’

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Fun Facts for Chrysler fans

Next time someone tells you Chrysler is a loser, hit ’em with some facts. After four months of sales in the 2009 Calendar year, here’s how the company stacks up:

Chrysler is outselling the combined totals of Lincoln and Mercury. Chrysler also is outselling the Buick, Cadillac, Pontiac, Saab and Saturn brands.

Dodge is outselling the combined totals of Buick, Cadillac, Hummer,

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New 2010 and 2011 models will be delayed

Bankruptcy and balky suppliers are likely to delay the introduction of new models for the 2010 and 2011 model years.

Testifying at a bankruptcy hearing in Manhattan, Frank J. Ewasyshyn, Chrysler’s executive vice president of manufacturing, said model break will be delayed when production is resumed to allow the completion of vehicles on the lines at idled plants. Model break, when equipment is changed over for the new model year,

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Court okays Chrysler payments to dealers and suppliers

Judge Arthur Gonzales approved $4.6 billion in debtor-in-possession financing allowing Chrysler to pay its dealers and suppliers and to give Chrysler time to finalize its alliance with Fiat.

The U.S. Treasury will supply $4.1 billion of the funding with another $400 million coming from New York banks that already banks hold about $4 billion in Chrysler debt. The balance will be realized from the sale of inventory on hand at Mopar.

Read the full story: Court okays Chrysler payments to dealers and suppliers  »


Ram tops competition in Edmunds testing

Ram dealer sign

The new Dodge Ram 1500 beat its full-size competitors from Ford, GM and Toyota in a head-to-head comparison set up by online auto resource Edmunds.com.

Edmunds said the field was filled with all-new trucks, making this a good time to see which one had the right stuff. Following two weeks of trailer towing, highway cruising, camping and off-road adventures, the Edmunds staff made their decision.

“After all the points were tallied,

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AP: Judge approves Treasury-Chrysler financing

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 approval of the Fiat sale plan more likely, as it helps keep Chrysler alive as a united entity.  

Read the full story: AP: Judge approves Treasury-Chrysler financing  »


Fiat impressed with Kokomo

Kokomo

A Kokomo Tribune article by Ken De La Bastide described a visit by Fiat reps to Chrysler’s four Kokomo plants last month, saying that the Fiat people were “impressed with the facilities.” 

Shawn Fain, a UAW representative, said they were impressed by the casting and transmission plants; the casting plant is on a larger scale than those Fain has seen in Europe. The Fiat reps noted that a lot of machinery is unused during this slack period.

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Fiat confirms talks with GM for European operations

Fiat SpA confirmed today that it is talking to General Motors Europe (GME) about acquiring GME’s troubled European operations. The Italian automaker wants Opel, Saab and Vauxhall to assemble an automotive operation large enough to be competitive in the future world market. Fiat CEO Sergio Marchionne has said an automaker needs to be able to produce at least 5.5 million light vehicles per year to achieve long-term survivability.

The new automaker would have sales roughly comparable to Volkswagen AG,

Read the full story: Fiat confirms talks with GM for European operations  »



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