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Chrysler cancels dealer shindig

Chrysler cancels dealer shindig

Chrysler has decided to forego its annual reward meeting for its top dealers. The event, scheduled for March 15-19, was to have been held at the Hilton Los Cabos Resort in San Jose del Cabo, Mexico. 

Company spokesman Stuart Schorr said the decision was the result of an agreement made last fall between Chrysler and its dealer council. Both sides felt there were better uses for the money,

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Cerberus exchanging all its Chrysler equity to labor, creditors

Cerberus exchanging all its Chrysler equity to labor, creditors

According to a new Automotive News article, Cerberus is planning to give away its entire stake in Chrysler – roughly 80% of the company – to labor and creditors. [Update: Cerberus did not announce whether it would be giving equity solely to the UAW, or to the UAW Employee Beneficiary Trust and to individual autoworkers].

Bush’s loans require Chrysler to provide half of its obligation to the UAW Employee Beneficiary Association trust with equity.

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Cerberus to invest $2B

Cerberus to invest $2B

An Associated Press story cites Cerberus as saying it  will invest the first $2 billion in Chrysler Financial profits into Chrysler, LLC, adding to the $4 billion in funding from government loans. However, like the White House, Cerberus will demand that Chrysler labor costs be cut to the same level as foreign transplants – around $10 per hour for existing workers in combined wages and benefits according to some analysts –  

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Bush announces bailout

Bush announces bailout

President George Bush has announced a $17.4 billion loan program to rescue Chrysler and General Motors. $13.4 billion would be available now and $4 billion more would be available in February. The funds will come from the Troubled Assets Relief Program (TARP) originally earmarked to assist the financial markets.

The loans will come with most of the strings that were contained in the legislation that failed to pass in the Senate.

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Bush: GM, Chrysler to go bankrupt

Bush: GM, Chrysler to go bankrupt

The Bush administration has apparently decided, in line with Republican senators, that GM and Chrysler must be forced into bankruptcy as a condition of government loans. 

In the past, the Republican Party has denounced the use of bankruptcy and successfully worked to make entering bankruptcy more difficult for individuals and small businesses. 

Bush’s plan, as described by White House speaker Dana Perino, appears to hinge on providing financing in debtor-in-possession form,

Read the full story: Bush: GM, Chrysler to go bankrupt  »


Papers: Newark, Delaware plant closes Friday (updated)

Papers: Newark, Delaware plant closes Friday (updated)

First published 12/15/08; updated 12/17/08.

Local newspapers claim that the Newark, Delaware plant, which produces the Dodge Durango and Chrysler Aspen, will close on Friday. The plant had been set to close in 2009, but when large SUVs dropped in popularity, the closing date was moved up.

Update: Chrysler confirmed the closure indirectly by noting its plants will all be idled starting December 17,

Read the full story: Papers: Newark, Delaware plant closes Friday (updated)  »


Inventories, sales per dealer

Inventories, sales per dealer

Automotive News has published its monthly inventory list, and Chrysler’s inventory has swollen in terms of days sold compared with November. The company as a whole has 117 says’ supply of product, around 400,000 units of unsold inventory spread across its dealers and channels. In contrast, Ford had 101 days (500,000 units) and GM had 139 days worth (853,000 units).

Major import brands also saw increases,

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