Chrysler to file for bankruptcy

[GTS Jeff]

NEW YORK (CNNMoney.com) -- Chrysler LLC is going to file for bankruptcy, an administration official confirmed to CNN Thursday.
The filing comes after some of the company's smaller lenders refused a Treasury Department demand to reduce the amount of money the troubled automaker owed them.
Chrysler officials had no comment on the bankruptcy report. The company faces a Thursday deadline from the Treasury Department to reach deals with creditors who had loaned the company about $7 billion......


Chrysler filing for bankruptcy - Apr. 30, 2009

 

[ViperTony]

I'm amazed they even attempted to persuade 40 different hedge funds to make concessions. Hedge Funds and Concessions just don't mix. More details here: AP Source: Chrysler lender talks break off - Yahoo! Finance

 

[Yellow32]

Andy Martin: Contrarian Commentary

 

[dave6666]

Yeah just saw Consumer Reports on Fox cable news say that all of Chrysler's products have reliability issues and not to buy them.

Gonna be a rough year for them.

 

[George Farris]

Comsumer Reports is better at testing toasters than cars ....

 

[Schulmann]

UAW as owner of Chrysler ? Will Cuba put en embargo on the US ?!
Castro is having fun this morning.

The dreams of Karl Marx and Lenin are coming true !!

And Fiat has a lot of success running state owned companies like LADA and Polski

It is just not normal that the Union will own 52% Chrysler. Legally it means that they had the largest chuck of Chrysler's depts. They deprived all the stock holder of their owning ... I can't believe it. It is red revolutions !! I understand that small creditor didn't accept this deal.

In Canada we have a couple of exemples where the Union has become the owner of a company. Actually the union has even a "mutual fund" FTQ that invests (rather bail out) in companies with financial difficulties. So far their business is running rather well.

 

[Martin]

When it comes down to it, I'd rather see the UAW own a majority stake in Chrysler than Cerberus... At least the UAW has a bigger vested interest in making the company a success - their jobs and dues depend on it. Cerberus just saw it as an asset that could be a worthless toss-away just like any other speculative investment.

 

[Warfang]

When it comes down to it, I'd rather see the UAW own a majority stake in Chrysler than Cerberus... At least the UAW has a bigger vested interest in making the company a success - their jobs and dues depend on it. Cerberus just saw it as an asset that could be a worthless toss-away just like any other speculative investment.

You're dreaming. The union bosses will just prosper in mediocrity and keep expecting the politicians they've bought to keep doling out the corporate welfare... acceptable to them if they are the owners.

Who wants to bet they will ask for more money?

 

[Martin]

You're dreaming. The union bosses will just prosper in mediocrity and keep expecting the politicians they've bought to keep doling out the corporate welfare... acceptable to them if they are the owners.

Who wants to bet they will ask for more money?

I'm not saying it's a great outcome, but I think it is better than where it was with Cerberus. Considering that there will be a whole new board (consisting of members not necessarily from the UAW, and most likely NOT from the UAW), and considering that the Fiat deal DID go through, I think this is going to be a wake-up call for the UAW and spur some much needed change.

 

[bluesrt]

just heard nardelli is leaving the company-sad to see all this

 

[Bobpantax]

Very sad. The end of an era. However, the three questions I would like to see answered ASAP are:

1. To what extent is the SRT part of Chrysler going to survive?

2. Is the Viper Enterprise sale part of the prepackaged deal or do we now have to wait for a bidding process and authorized sale out of the Chapter 11 proceedings?

3. Will enough SRT capable dealers and parts supply survive this process to properly maintain SRT products?

 

[Warfang]

just heard nardelli is leaving the company-sad to see all this

Never thought for a moment that guy could cut it... not that I feel any better for being right.

 

[Warfang]

3. Will enough SRT capable dealers and parts supply survive this process to properly maintain SRT products?

possibly... but without a larger infrastructure to support it, the prices will most likely go up, or the quality down.

 

[mad0953]

I hope Pelosi is happy. I'll walk b4 I drive any of the pieces of **** she envisions for the new Amerika.

 

[viperdrummer]

Very sad. The end of an era. However, the three questions I would like to see answered ASAP are:

1. To what extent is the SRT part of Chrysler going to survive?

2. Is the Viper Enterprise sale part of the prepackaged deal or do we now have to wait for a bidding process and authorized sale out of the Chapter 11 proceedings?

3. Will enough SRT capable dealers and parts supply survive this process to properly maintain SRT products?

Between what is being done to this country each day, and after watching that speech last night, these 3 items would not make my top 100 worries. Much as I love my Vipers and other cars, we are indeed in the midst of profound "change", and 600 HP cars are the least of our concerns. Not being a smart a$$ and I share your Viper related concerns.

 

[ryan94rt10]

what about all these chrysler/dodge/jeep owners who have lifetime warrantees...do they just get to drop those...that is what i've heard so far! if that is the case, i would have never bought my 07 ram...i could have bought a used 06 ram for thousands cheaper, but i bought the new one for the lifetime warrantee.

makes me want to never buy another new chrysler product again...if my warrantee is gone...bye bye chrysler products!!!!!!!!!!!!!!!!!

 

[tiger6]

Between what is being done to this country each day, and after watching that speech last night, these 3 items would not make my top 100 worries. Much as I love my Vipers and other cars, we are indeed in the midst of profound "change", and 600 HP cars are the least of our concerns. Not being a smart a$$ and I share your Viper related concerns.

I whole heartedly agree.

 

[doctorbob]

Bob, I agree with your concerns and frankly, the SRT was a "performance" lineup and I doubt we will see its like again and I am sure over time, supply of parts will be an issue(like all cars that are no longer produced)

Bob

 

[Bobpantax]

Between what is being done to this country each day, and after watching that speech last night, these 3 items would not make my top 100 worries. Much as I love my Vipers and other cars, we are indeed in the midst of profound "change", and 600 HP cars are the least of our concerns. Not being a smart a$$ and I share your Viper related concerns.

My questions do not rise to the level of "worries". The relevant topic is the Bankruptcy of Chrysler. That is what the original post is about. For me, and it is admittedly a bit selfish, the answers to the above three questions are the only data points that are more than just an intellectual curiosity. As far as the country is concerned, see my recent post in response to BM1's rant against Republicans.

 

[Martin]

what about all these chrysler/dodge/jeep owners who have lifetime warrantees...do they just get to drop those...that is what i've heard so far! if that is the case, i would have never bought my 07 ram...i could have bought a used 06 ram for thousands cheaper, but i bought the new one for the lifetime warrantee.

makes me want to never buy another new chrysler product again...if my warrantee is gone...bye bye chrysler products!!!!!!!!!!!!!!!!!

If we're to accept what the President said regarding manufacturer's warranties, the US government will stand behind them as per the covenants in the warranty. I'm sure we'll hear more about the specifics regarding individual warranty types, but the first thing to consider is that Chrysler is NOT going out of business with this announcement and filing. This is Chapter 11, and that is designed to allow them to conduct business as usual while unloading debt burdens that might have otherwise driven them out of business. This filing is a good thing. This doesn't automatically mean that all Chrysler products are orphaned - quite the opposite.

 

[viperdrummer]

My questions do not rise to the level of "worries". The relevant topic is the Bankruptcy of Chrysler. That is what the original post is about. For me, and it is admittedly a bit selfish, the answers to the above three questions are the only data points that are more than just an intellectual curiosity. As far as the country is concerned, see my recent post in response to BM1's rant against Republicans.

Totally understand.
I was driving back to work after lunch today (in my 09 556 HP CTS-V which will likely soon be confiscated by the govt) and I heard barry's speech today where he crapped all over the company and said what awful cars they had made over the years--I am thinking "this is the President of the United States?" Then you have his nit wit side kick saying he won't let his kids fly or take mass transit. This is truly amateur hour.

 

[GR8_ASP]

When it comes down to it, I'd rather see the UAW own a majority stake in Chrysler than Cerberus... At least the UAW has a bigger vested interest in making the company a success - their jobs and dues depend on it. Cerberus just saw it as an asset that could be a worthless toss-away just like any other speculative investment.

VEBA (a health care monetary fund) is the 55%. Not the union directly. It was stated that 1 union representative would be on the board. The same as has been for many years in the psat when Chrysler was publicly traded.

 

[Warfang]

I hope Pelosi is happy. I'll walk b4 I drive any of the pieces of **** she envisions for the new Amerika.

Pelosi WANTS you to walk... only special people like her gets cars and military jets at her disposal... you're just a peasant needing her welfare. Get with the program and WALK already! (I wish I could put a smiley here to show I'm kidding...)

 

[Warfang]

My questions do not rise to the level of "worries". The relevant topic is the Bankruptcy of Chrysler. That is what the original post is about. For me, and it is admittedly a bit selfish, the answers to the above three questions are the only data points that are more than just an intellectual curiosity. As far as the country is concerned, see my recent post in response to BM1's rant against Republicans.

heh... you guys still food fighting over there?

 

[tennis tom]

Since Fiat owns Ferrari and Masarati, would it be in it's interest to kill off Viper as competion?

Wasn't there talk a while ago, if GM bought Chrysler, it would kill off Viper as competion for Corvette?

Oh, by the way, Obama *****!

 

[Camfab]

I listened today to the President's Speech on POTUS. Though I may not have heard the entire speech, as I was coming home from work, most of it actually sounded qiute favorable. I must have missed the part about crummy vehicles?, most of what I heard was absolute concern about the long term viability of Chrysler and the communities that would suffer from it's loss. I actually heard the President say that he hoped that all Americans would purchase American cars, I honestly was shocked. He made mention of the fact that all involved in Chryslers fate were on board and had made consessions to help it's fate, except the hedge funds holders. The Chapter 11 process was the only way to squeeze the hold out's (hedge fund holders) to ensure the future of Chrysler. What did and does concern me, is that a horrible company like Fiat will actually be associated with Chrysler. Chrysler is going to get technology from a company that could never make it in America? The Pres actually believes that Fiat makes technologically advanced vehicles................omg I think the end of the world is near.............I've got a great idea, the Presidential limo should be made by FIAT, It'll cost 8 billion dollars after the prancing horse boys get done with him and we can pay for an American wrecker to tow it around where ever he needs to go. Anyone here remember what happened to GM a few years ago when they dealt with these crooks? I'll give you a hint, your tax dollars in stimulus dollars to GM.

 

[k4site]

I think I hear " FIRE SALE"

 

[GTS Bruce]

Last year needed a new pu truck. Not a full size. Drove chevy,ford ,dodge and toyota. No comparison. Bought the Tacoma. This year got rid of wife's 300c awd 2005 the week before chrysler folded. It was a good car but I can't stand my wife saying its vibrating again and eventualy where can we get it fixed. 3 sets of tires and 3 brake jobs in 30,000 miles and she drives mostly highway. Bought an Acura tl awd tech pkg. NUmber 1 in quality and resale. I plan to be buried in the Viper however. Certainly its the end of an era. I will never buy a car from a govt or union owned company. No battery powered,3 cylinder or pedal cars for me. GTS BRuce

 

[Sir Charles]

Chrysler will bounce back under being ran by Fiat. It's take about 5 years to back on their feet.