Cars
In another twist to the Chrysler LLC imbroglio, a report from Bloomberg citing an unnamed administration official said that the automaker's bankruptcy procedure may take as long as two years and not the two months period initially projected by President Barack Obama. The administration official told the news agency that the 60 days announced by Obama at a press conference at the end of April only applies to the sale of Chrysler's best assets to a new entity held by Italy's Fiat S.p.A., an auto workers health trust and the U.S. and Canadian governments.
- Fiat Terminates Chrysler's All-electric Car Plans - What's Going To Happen To The $73 Million Gov. Grants For The Ev Test Fleet?
Just over a year ago, the Chrysler Group's newly formed Envi division unveiled a series of production-based electric cars that it planned to put on sale. Fast forward a few months, Chrysler went in and out of bankruptcy, sealed a deal with the Fiat...
- Chrysler - Fiat Deal Signed, According To Italian Newspaper
Citing inside sources, Italian newspaper Corriere Della Serra reported Thursday morning that Chrysler LLC and Fiat have signed a deal to forge an alliance. However, according to Automotive News, Fiat later denied this. We've yet to see any official...
- Breaking: Gm Receives Another $2 Billion In Goverment Loanns
General Motors announced on Friday that it has received a fresh injection of US$2 billion in emergency funds from the Obama administration as the company strives to avoid what appears be for many analysts, the unavoidable - bankruptcy... The new loan...
- Obama Administration Ousts Rick Wagoner From Gm, Fritz Henderson New Ceo
General Motors Chairman and CEO Rick Wagoner has stepped down from his position at the request of President Barack Obama and his administration ending an eight year term at the helm of the company. The U.S. automaker announced that Wagoner will be replaced...
- Report: Toyota's Japanese Production May Fall 25% In 2009
The enduring global economic crisis brings more bad news for Toyota. Citing an unnamed senior official, Japan's top-selling newspaper Yomiuri said that Toyota's domestic output that accounts for about half of the firm's worldwide production,...
Cars
Report Says Chrysler Bankruptcy Could Take up to Two Years and not 60 Days
In another twist to the Chrysler LLC imbroglio, a report from Bloomberg citing an unnamed administration official said that the automaker's bankruptcy procedure may take as long as two years and not the two months period initially projected by President Barack Obama. The administration official told the news agency that the 60 days announced by Obama at a press conference at the end of April only applies to the sale of Chrysler's best assets to a new entity held by Italy's Fiat S.p.A., an auto workers health trust and the U.S. and Canadian governments.Lawyers seem to be backing the official's claims as they told the news agency that the firm's creditors would later on kick in fighting their cases in court over unwanted factories and other assets to get their money back.
"The unsold assets and liabilities may take years to sort out due to the complexities of resolving thousands of commercial, tort, future asbestos, dealership and employee claims," told Bloomberg Dewey & LeBoeuf LLP partner, Martin Bienenstock.
Via: Bloomberg
- Fiat Terminates Chrysler's All-electric Car Plans - What's Going To Happen To The $73 Million Gov. Grants For The Ev Test Fleet?
Just over a year ago, the Chrysler Group's newly formed Envi division unveiled a series of production-based electric cars that it planned to put on sale. Fast forward a few months, Chrysler went in and out of bankruptcy, sealed a deal with the Fiat...
- Chrysler - Fiat Deal Signed, According To Italian Newspaper
Citing inside sources, Italian newspaper Corriere Della Serra reported Thursday morning that Chrysler LLC and Fiat have signed a deal to forge an alliance. However, according to Automotive News, Fiat later denied this. We've yet to see any official...
- Breaking: Gm Receives Another $2 Billion In Goverment Loanns
General Motors announced on Friday that it has received a fresh injection of US$2 billion in emergency funds from the Obama administration as the company strives to avoid what appears be for many analysts, the unavoidable - bankruptcy... The new loan...
- Obama Administration Ousts Rick Wagoner From Gm, Fritz Henderson New Ceo
General Motors Chairman and CEO Rick Wagoner has stepped down from his position at the request of President Barack Obama and his administration ending an eight year term at the helm of the company. The U.S. automaker announced that Wagoner will be replaced...
- Report: Toyota's Japanese Production May Fall 25% In 2009
The enduring global economic crisis brings more bad news for Toyota. Citing an unnamed senior official, Japan's top-selling newspaper Yomiuri said that Toyota's domestic output that accounts for about half of the firm's worldwide production,...