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post #1 of 7 (permalink) Old 04-30-2009, 12:37 PM Thread Starter
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Chrysler Officially Bankrupt: Merger With Fiat A Done Deal


At a mid-day press conference President Barak Obama made the official announcement that Chrysler will in fact file for Chapter 11 bankruptcy protection. Included in the announcement was the news that Chrysler has also reached an agreement with Fiat.

"I can report that the necessary steps have been taken to give one of America's most storied automakers a new lease on life," Obama said.

Praising Chrysler's storied history and saying that the company helped make the 20th Century an American Century, he also chastised the numerous poor decisions made by all parties involved. Chrysler has "for too long, moved too slowly, building less popular cars, that are less reliable and less fuel efficient," Obama said.

The President praised Chrysler management, the UAW and the company's major lender JP Morgan for their "unprecedented sacrifices," and blasted the small group of holdout hedge funds that have refused to budge and accept the Federal government's offer. That offer would see the U.S. government pay out lenders $2 billion in cash for $6.8 billion in debt.

The official Chapter 11 paperwork is expected to be filed as early as today and in the restructuring process the Federal government will provide additional loans to Chrysler. Those loans are not open-ended, however, and will have to be repaid in full before Fiat can take a majority stake in the U.S. automaker.

In the mean time Chrysler operations are expected to continue as normal with one major change. The finance arm of General Motors, GMAC, will finance car loads at the dealership level.

More: Chrysler Officially Bankrupt: Merger With Fiat A Done Deal on AutoGuide.com
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post #2 of 7 (permalink) Old 04-30-2009, 12:42 PM
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Like I said,
Interesting day of events,

Rob


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post #3 of 7 (permalink) Old 04-30-2009, 12:44 PM
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Even more interesting, G.M.A.C. will be handling the financing.

Rob


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post #4 of 7 (permalink) Old 04-30-2009, 03:13 PM
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as long as they're not honoring the warranties!

'08 overland red rock w/ chrome, 5.7 hemi, quadra drive II. me likey
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post #5 of 7 (permalink) Old 04-30-2009, 03:41 PM
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That is interesting, tells a lot about the state of Chrysler Financial.

The warranties are good, being honored by Obama himself! Just send the claim paperwork to the following address:

GM/Chrysler Warranties
c/o The Messiah, POTUS
1600 Pennsylvania Avenue
Washington, DC 20202
Attn: Black Hole Dept.

You should expect your claim to be paid in Euros in about 250 years.

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'An armed society is a polite society. Manners are good when one may have to back up his acts with his life."- Robert A. Heinlein

"Men sleep peacefully in their beds at night because rough men stand ready to do violence on their behalf."- George Orwell



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post #6 of 7 (permalink) Old 05-01-2009, 08:40 PM
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This is nuts. You have the employees/unions negotiating with themselves. Give me a break. If this silly arrangement does not scare you to death then start calling your friends comrade. Curiously today is May 1st, May Day, the biggest Communist holiday of the year. Isn't that an interesting fact. As government expands liberty and freedom gets squeezed. Do we as citizens want political leaders running our banks and manufacturing sectors? The founding fathers warned against this very thing.
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post #7 of 7 (permalink) Old 05-02-2009, 06:24 AM
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Chrysler Officially Bankrupt: Merger With Fiat A Done

At a mid-day press conference President Barak Obama made the official announcement that Chrysler will in fact file for Chapter 11 bankruptcy protection. Included in the announcement was the news that Chrysler has also reached an agreement with Fiat.
“I can report that the necessary steps have been taken to give one of America’s most storied automakers a new lease on life,” Obama said.
Praising Chrysler’s storied history and saying that the company helped make the 20th Century an American Century, he also chastised the numerous poor decisions made by all parties involved. Chrysler has, “for too long, moved too slowly, building less popular cars, that are less reliable and less fuel efficient,” Obama said.
The President praised Chrysler management, the UAW and the company’s major lender JP Morgan for their “unprecedented sacrifices,” and blasted the small group of holdout hedge funds that have refused to budge and accept the Federal government’s offer. That offer would see the U.S. government pay out lenders $2 billion in cash for $6.8 billion in debt.
The official Chapter 11 paperwork is expected to be filed as early as today and in the restructuring process the Federal government will provide additional loans to Chrysler. Those loans are not open-ended, however, and will have to be repaid in full before Fiat can take a majority stake in the U.S. automaker.
In the mean time Chrysler operations are expected to continue as normal with one major change. The finance arm of General Motors, GMAC, will finance car loads at the dealership level.
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