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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: nippononly (May 01, 2009 11:15 am) |
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Replying to: hpmctorque (May 01, 2009 7:05 pm) In the end, I don't see GM making it either. If I were GM, after watching Chrysler negotiate with their bond holders, I would be very afraid. GM has about 8 times more debt than Chrysler.
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Replying to: dtownfb (May 03, 2009 12:26 pm) Not to mention the economic benefits generated from 600,000 retirees drawing checks on their UAW pensions. |
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| How will all this effect the rebates and incentives? | |
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Replying to: dtownfb (May 03, 2009 12:26 pm)
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Replying to: kernick (Apr 02, 2009 8:58 am) |
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Replying to: berri (May 03, 2009 3:37 pm) The longer they are in bankruptcy, the easier it will be for Fiat to walk away from this deal. |
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There may be a wrench in the works... Some secured lenders object to quick sale of Chrysler May 4, 2009 - 10:12 am ET UPDATED: 5/4/09 10:58 a.m. ET NEW YORK -- A minority group of Chrysler LLC secured lenders has objected in bankruptcy court to the quick sale of Chrysler to a new corporate entity led by Fiat S.p.A. The group of about 40 banks and hedge funds holds about $3 billion of the $6.9 billion in secured loans that Chrysler has with the banks. ....Chrysler's new corporate entity, led by Fiat and its proposed 20 percent stake, would be considered the lead bidder for Chrysler's assets in a bankruptcy court auction. The automaker asked U.S. Bankruptcy Judge Arthur Gonzalez to set a hearing as soon as May 21 to approve a $2 billion sale of most of its assets out of bankruptcy that would clear the way for a merger with Fiat, according to documents filed with the court. The court has set a May 15 deadline for competing bids, according to Bloomberg News. http://www.autonews.com/article/20090504/ANA02/905049986/1128 (registration link) Just further evidence that this whole 30-60 day timeline is pure fantasy. The debtholders are going to be fighting over this one for a loooong time.....
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Replying to: nippononly (May 04, 2009 8:59 am) It's a difficult timeline but strange things happen in bankruptcy court. And they said that the 30 day deadline to put a deal together with Fiat was fantasy too, so .... The judge did Enron and WorldCom and even better, did a few years with the IRS. Sorting out Chrysler may be a cakewalk after the IRS years.  (WSJ - Chrysler Bankruptcy Judge Handled Enron, WorldCom)
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"Chrysler's "Employee Pricing Plus Plus," program ended just days after the carmaker declared Chapter 11 bankruptcy. That program combined cash rebates with price reductions and cut-rate financing for qualified customers. The new sales program is expected to rely heavily on giving dealers cash incentives, which means that customers will see big price reductions at the dealership, said Jessica Caldwell, an industry analyst with the automotive Website Edmunds.com." "Not everyone sees bankruptcy as a disaster for Chrysler sales. Some customers are optimistic, focusing more on the possibility of a Fiat deal and on the fact that Chrysler isn't going out of business, said Scott Painter, chief executive of Zag.com, an automotive buying service provider, and Truecar.com, an auto pricing Website. Interest in Chrysler, Dodge and Jeep products has actually gone up, he said." New Chrysler auto incentives coming (CNN) |
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