Chrysler

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Chrysler's Honeymoon With Fiat Won't Last Long
Chrysler's Honeymoon With Fiat Won't Last Long
Analysis
May 1, 2009 10:36 AM CDT

Chrysler's Honeymoon With Fiat Won't Last Long

(Newser) - Chrysler is rushing into the arms of Fiat now, but it may be sorry later, writes Dan Neil for the Los Angeles Times. Fiat "pays next to nothing and now has instant access to US markets," which it’s been lusting after. "But in this new Italian...

Fiat Has Long Shed 'Fix It Again Tony' Reputation

(Newser) - The last time Fiat tried to make a go of it in the US market, its unreliable cars earned it the nickname Fix It Again Tony, reports the New York Times. That was 25 years and another world ago. After a renewed focus on quality under CEO Sergio Marchionne, the...

Dow Has Best 2-Month Showing Since 2002
 Dow Has Best 2-Month 
 Showing Since 2002 
MARKETS
Apr 30, 2009 3:28 PM CDT

Dow Has Best 2-Month Showing Since 2002

Mixed last day can't beat strong month

(Newser) - The markets were mixed today but wrapped up a strong month. The Dow, which fell 17.61 points to close at 8168.12, rose 7.4% in April, the Wall Street Journal reports. The Dow has risen 15.65% in two months—its best two-month showing since 2002 and the...

Chrysler Bankruptcy Obama's Blunt Message to GM
Chrysler Bankruptcy Obama's Blunt Message to GM
OPINION
Apr 30, 2009 3:08 PM CDT

Chrysler Bankruptcy Obama's Blunt Message to GM

President not afraid to use 'the big stick' on ailing firms

(Newser) - In announcing Chrysler’s bankruptcy, President Obama shows other troubled firms and industries there’s a point where bailouts stop and hard choices begin—and that message must ring especially clear at General Motors, writes Tom Walsh for the Detroit Free Press. GM’s creditors will now be under a...

Bankruptcy 'New Lease on Life' for Chrysler: Obama

(Newser) - President Obama said today that Chrysler’s impending bankruptcy is “not a sign of weakness but one more step” towards recovery, the Washington Post reports. The 1-to-2 month “surgical” bankruptcy—a time frame met with skepticism by experts—will give the automaker a “new lease on life,...

Chrysler Bankruptcy Faces Bumpy Road
 Chrysler Bankruptcy 
 Faces Bumpy Road 
ANALYSIS
Apr 30, 2009 11:28 AM CDT

Chrysler Bankruptcy Faces Bumpy Road

(Newser) - The battle to restructure Chrysler is about to go public, and could get messy, Michael de la Merced writes for the New York Times. After failing to get all the automaker’s debt-holders in line, the government prepared a “prepackaged bankruptcy,” a Chapter 11 filing with a reorganization...

Chrysler to Declare Bankruptcy: White House

(Newser) - Having failed to make a deal with the creditors to which it owes some $7 billion, Chrysler will declare Chapter 11 bankruptcy later today, a White House official tells CNN. The filing does not mean the company will cease operations—rather, it represents an opportunity to execute a merger with...

Chrysler Talks Break Down; Bankruptcy Expected Today

Bankruptcy still looks likely for automaker

(Newser) - Last-minute talks between the Treasury Department and Chrysler's creditors have broken down, making a bankruptcy filing nearly certain today, the Wall Street Journal reports. In other developments, the Detroit News says Italian automaker Fiat will still sign a deal today to forge an alliance with Chrysler. Under the bankruptcy plan...

Last-Minute Chrysler Talks Hinge on Smaller Lenders

Bankruptcy remains a possibility

(Newser) - Chrysler is still preparing for bankruptcy in case the Treasury's last-minute negotiations with hesitant creditors crumble, the Wall Street Journal reports. Most big lenders have agreed to write down part of Chrysler’s debt in exchange for stakes in the company, but smaller hedge funds also have to agree for...

Chrysler Creditors Strike Deal to Avoid Bankruptcy

(Newser) - The Treasury Department struck a deal with Chrysler’s creditors last night to avoid what had looked like a probable bankruptcy, the Washington Post reports. The creditors, a disparate group of 45 financial firms, agreed to write down all but $2 billion of the $6.9 billion Chrysler owes them,...

UAW to Own 55% of Chrysler
 UAW to Own 55% of Chrysler 
Apr 28, 2009 8:07 AM CDT

UAW to Own 55% of Chrysler

(Newser) - The United Auto Workers are about to own Chrysler. In exchange for a variety of concessions, the union will eventually get a 55% majority share in the automaker, according to a summary of the restructuring deal, which was sent to union leaders late last night and reviewed by the Wall ...

UAW Cuts Deal With Chrysler, Fiat, US Treasury

(Newser) - Auto workers cut a new agreement with Chrysler today that brought the automaker closer to a partnership deal with Fiat, the Wall Street Journal reports. Agreeing to lower health care benefits for retirees, United Auto Workers called the "concessionary agreement" painful but said it met President Obama's rigorous...

Chrysler Strikes Deal With Canadian Workers

Workers surrender benefits to keep operating costs down

(Newser) - Chrysler has won concessions from its Canadian workers that may help keep it out of bankruptcy, the Globe & Mail reports. The Canadian Auto Workers union—faced with the prospect of Chrysler abandoning its operations north of the border—agreed to give up a range of hard-won benefits and...

Chrysler to Dealers: We're Not Going Bankrupt

(Newser) - Chrysler isn’t facing imminent bankruptcy, its vice chairman told the automaker’s dealers today. “Nothing has changed,” Jim Press said on a conference call, three participants tell the Wall Street Journal. Chrysler still plans to restructure outside of bankruptcy and cut a deal with Fiat. But Press...

Fiat Exec Would Gut Chrysler to Save It

Marchionne has succeeded in fighting corporate bloat before

(Newser) - It may seem awfully cocky of Fiat chief Sergio Marchionne to assume that he can save Chrysler, generally written off in the industry as a lost cause. But there’s a reason Marchionne is optimistic, notes the Economist: He’s done it before. When he took over Fiat in 2004,...

Auto Workers Fear Deep Cuts in Pensions

If Chrysler, GM go to bankruptcy court, 1 million workers likely to take pension cuts

(Newser) - As Chrysler and possibly GM head toward bankruptcy court, nearly a million retired workers fear deep cuts to their pensions and health plans, reports the Washington Post. Though the Obama administration is hoping to mitigate cuts, the plans are underfunded by billions of dollars. “I feel betrayed,” says...

Fiat Begins Talks With GM While Courting Chrysler

(Newser) - Fiat is bound and determined to join the big boys of the auto world, and it's using ailing US companies to gain a foothold. The Italian automaker has begun surprise talks with General Motors to buy a stake in GM's Opel division and expand its presence in Europe and Latin...

Chrysler May File for Bankruptcy Next Week

(Newser) - Chrysler is preparing to file for bankruptcy as early as next week, the New York Times reports. The best-case scenario for survival: Chrysler will strike a deal with its lenders, file for bankruptcy protection to shed liabilities, then merge its strongest assets with Fiat. If those deals fall through, the...

Treasury Ups Offer to Chrysler Lenders

Treasury blinks in standoff that will determine auto maker's future

(Newser) - The Treasury Department is offering banks holding Chrysler's debt a better deal in the latest round of the back-and-forth over the automaker's future, the Wall Street Journal reports. The counter offer—still way short of what the banks seek—proposes to give lenders 22% of the $6.9 billion Chrysler...

Banks, Treasury Play Chicken on Chrysler Deal

Alternate headline: Banks, Treasury Play Chicken on Chrysler Deal

(Newser) - A group of big banks balked at the Treasury’s proposal that they slash 85% of Chrysler’s debt, the government’s second such request. Instead, in what the Wall Street Journal calls a “significant act of brinkmanship” as an April 30 deadline looms, the banks, including bailout recipients...

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