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Automotive News & Views Can Chrysler Turn It Around in Bankruptcy?
464 messages, Last post on Oct 02, 2009 at 2:05 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: dtownfb (Mar 11, 2009 6:30 am) 
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Replying to: steve_ (Mar 10, 2009 10:04 am) "It's hard to say things are good when sales were only down 25 percent [retail]. That's terrible, but it's less terrible than the industry decline of 40 percent," said the always upbeat Press. There's nothing to say that the 40% decline in sales is ALL retail, NONE fleet. And it ignores that the declines among the Japanese Big 3 were substantially less than 40%. Edmunds.com, parent of AutoObserver.com, estimates Chrysler spent about $5,556 per vehicle in incentives in February, an industry and a Chrysler-all-time high, Does it matter how good or bad sales are if they sell every one at a steep loss? And the tone of the whole thing is belied by the fact that Chrysler just asked for another $5 billion, or was it $6 billion, just to fund operations in 2009. I don't believe in Chrysler's future. |
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"With Chrysler and GMAC both floundering, Cerberus has reduced its exposure in its overall portfolio. The two companies combined now represent 7 percent of Cerberus's portfolio, instead of the previous 12 percent. "They are less exposed than everyone thinks," Mark Epley, who is responsible for the relations with private equity firms at Deutsche Bank, told the Financial Times. "They are diversified. Nothing kills them." Cerberus' Feinberg: Hanging In With Chrysler and GMAC "In the weeks leading up to March 31, the day President Obama's auto industry task force gives some direction about whether the government will continue to invest billions to keep General Motors and Chrysler afloat, Chrysler executives have spoken in terms that seem to indicate a festering anxiety at the company's headquarters here. In some cases, executives have issued threats. Some have deeply contradicted one another. Always-provocative CEO Bob Nardelli has contradicted himself." Chrysler Rhetoric Gets Contradictory - and Desperate? 
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Replying to: steve_ (Mar 25, 2009 6:51 am) Did Chrysler production ever begin again after the "temporary" stoppage announced right after New Years?
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Replying to: nippononly (Mar 26, 2009 9:37 am)
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Replying to: dtownfb (Mar 30, 2009 7:59 am) |
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Replying to: fezo (Mar 30, 2009 8:45 am) |
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Replying to: dtownfb (Mar 30, 2009 7:59 am) And Fiat and Chrysler have been sketching out how they could work together for weeks now. |
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Replying to: fezo (Mar 30, 2009 8:45 am) Chrysler recasts statement on Fiat alliance March 30, 2009 - 12:31 pm ET UPDATED: 3/30/09 5:20 p.m. ET Chrysler LLC recast its own statement announcing an alliance with Fiat S.p.A., saying the potential partners have a "framework" accord. The disclosures came in back-to-back releases today after President Barack Obama gave Chrysler 30 days to come up with a plan to team with the Italian automaker and qualify for as much as $6 billion in additional U.S. aid. Chrysler originally issued a statement saying it, Fiat and majority owner Cerberus Capital Management LP had reached an agreement on an alliance. Some 30 minutes later, Chrysler issued another statement, saying it was just a "framework of an agreement." Both statements were attributed to Chrysler CEO Bob Nardelli and cited "substantial hurdles to resolve." http://www.autonews.com/apps/pbcs.dll/article?AID=/20090330/ANA02/903300274/1229- - Somehow Chrysler and Fiat are supposed to come to a deal in 30 days, but I can't imagine how that's possible, or why the Obama auto team thinks it's possible. At least they only gave them 30 days before the bankruptcy begins. And I'm glad that they had the courage to say out loud that without the Fiat deal Chrysler has no viability at all. I'm really wondering how viable they are even WITH the Fiat deal. The odd thing to me is that we haven't heard word one about them shopping the Jeep brand around, and planning to scrap the rest. Cerberus could get a lot of money back on its investment by selling Jeep, I think. And then write the rest off as a loss.
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Replying to: nippononly (Mar 30, 2009 8:33 pm) My biggest question is how will a Chrysler /Fiat merger work between April 30th and when the first Fiat cars hit the Chrysler dealerships? I understand that it will take fiat 2-3 years to get their small cars into our market. How will they survive that long?
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