Chrysler bankruptcy judge appointed

According to Reuters,¬†Arthur Gonzalez, one of the nation’s most experienced bankruptcy judges, will oversee the bankruptcy proceedings for Chrysler. He handled both Enron and WorldCom’s bankruptcies simultaneously; he has a favorable reputation and considerable experience in high-profile cases. The sale of key assets to the Treasury is expected to come very soon in the case, with other decisions possibly continuing for many months. The first hearing is due tomorrow morning.

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LaSorda to retire

LaSorda: Chrysler will consider licensing production

While Bob Nardelli will leave his CEO post at Chrysler to take up an advisory role at Cerberus, Tom LaSorda announced that he would retire while Chrysler is in Chapter 11 bankruptcy.

While LaSorda’s performance at Chrysler Corporation, DaimlerChrysler, and Chrysler LLC has generally been seen as positive, he recently threatened to shut down Chrysler’s usually-profitable Canadian operations unless the CAW made key concessions.

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Auto Dealers respond to Chrysler filing

The National Automobile Dealers Association (NADA) issued the following statement which can be attributed to NADA Chairman John McEleney:

Bankruptcy is not the preferred option, but we have every expectation that Chrysler and its dealers will emerge stronger and more competitive than ever. We’re pleased to hear of the announced merger with Fiat which should help speed up Chrysler’s restructure.

It’s important to point out that Chrysler will continue to honor all warranties and that Chrysler dealers will work with all parties concerned and,

Read the full story: Auto Dealers respond to Chrysler filing  »


Chrysler to ally with Fiat, file bankruptcy

The Wall Street Journal is reporting that Chrysler and Fiat will complete an alliance today that will include the Detroit automaker filing for Chapter 11 bankruptcy as part of the restructuring plan.

While key labor agreements were ratified and Chrysler’s four major creditors had agreed to a reduction in Chrysler’s debt, negotiations with Chrysler’s other creditors, including several hedge funds, broke down late Wednesday, making a bankruptcy filing all but inevitable.

Read the full story: Chrysler to ally with Fiat, file bankruptcy  »


UAW ratifies new Chrysler contract

By a wide margin, members of the United Auto Workers union approved the new contract with Chrysler Wednesday night. The union said 82 percent of production workers, 80 percent of skilled trades, 94 percent of the engineers and 90 percent of the clerical employees voted for the agreement.

The new agreement will give the UAW 55 percent ownership of Chrysler, though it will not give the union operating control of the company.

Read the full story: UAW ratifies new Chrysler contract  »


Daimler AG gives up Chrysler stake, writes off $700M

German automaker Daimler AG has agreed to give Cerberus Capital Management its 19.9 percent share of Chrysler LLC and write off a $1.5 billion loan, helping the Detroit automaker to clear way for the Detroit automaker’s proposed alliance with Fiat SpA and avoid bankruptcy.

Daimler today signed a term sheet with Cerberus Capital Management and the U.S. Pernsion Benefit Guaranty Corp. The agreement ends the DaimlerChrysler era, which left Chrysler in a shambles,

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UAW reaches agreement with Chrysler, Feds, Fiat

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 automaker.

In a statement UAW President Ron Gettelfinger thanked union members for their willingness to sacrifice.

Read the full story: UAW reaches agreement with Chrysler, Feds, Fiat  »


Chrysler reaches deal with CAW

Chrysler and the Canadian Auto Workers have reached a tentative agreement on concessions that will allow the car company to avoid filing for bankruptcy. The new terms will save Chrysler about $240 million a year in exchange for guaranteeing to keep the Brampton and Windsor assembly plants open. Fiat SpA has also agreed to the terms.

If ratified by the rank-and-file, wages would remain about the same but workers would give up break time,

Read the full story: Chrysler reaches deal with CAW  »



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