Chrysler to file Bankruptcy
Professional
Joined: Feb 2009
Posts: 226
Likes: 1
From: Hell, AL
I'm beginning to think my particular body style and drivetrain combo will have better resale value than most. It probably wouldn't actually appreciate anytime soon, but a rcsb hemi 2wd '09 isn't easy to find in most areas, and it will outrun just about any stock pickup truck except for an srt-10 or blown lightning.
Rookie
Joined: Apr 2009
Posts: 63
Likes: 0
From: Cincinnati, OH
Under Chapter 11: The debtor usually remains in possession of its assets, and operates the business under the supervision of the court and for the benefit of creditors.
Now if they had to file Chapter 7 Bankruptcy then that is when all is lost.
A Chapter 7 filing means that the business ceases operations unless continued by the Chapter 7 Trustee. A Chapter 7 Trustee is appointed almost immediately. The Trustee generally sells all the assets and distributes the proceeds to the creditors.
A quick google search helped me with that.
Record Breaker
Joined: Feb 2006
Posts: 1,567
Likes: 0
From: Richmond, Va
94rt10ohio is right. They can file anything they want, but it still has to go before a judge, and in this case there will be forces pulling in different directions. Thier creditors might prefer to cut and run asking that they be liquidated, while the government may not want them to file at all, or at the very least file in a way that protects thier investment and union obligations. The only reason that I can see for Fiat to even want to become involved in this whole fiasco is to get some of that free US gubment cheese being thrown around.
The Forum Tyrant
Joined: Mar 2004
Posts: 27,728
Likes: 3
From: Puttin' Detroit City back on the map.
http://www.allpar.com/news/index.php...rumor-floated/
this site is not buying it
sounds like a plug to sell papers, rewording something as news that is old news
this site is not buying it
sounds like a plug to sell papers, rewording something as news that is old news
Banned
Joined: Mar 2009
Posts: 571
Likes: 0
From: Round Rock, TX
It seems that Chrysler is doing it's best to honor the prior commitments like pensions
and health insurance for retirees, but I think that bankruptcy would allow them to do whatever they want going forward, but restructuring going forward is doomed to fail as long as the UAW is involved unless they make major consessions. The whole thing; the union contracts, thier pension structure, etc. has made for one **** poor business model.
If they were wise, they would model it after toyota.
Unfortunately, you are dead on with the 40% thing. I was in a union back in the 80's that had to make consessions in order to get work, and this was the attitude with most.
What we need is a panel of shrinks to figure out where this sense of entitlement started in this country, and how to get rid of it.
and health insurance for retirees, but I think that bankruptcy would allow them to do whatever they want going forward, but restructuring going forward is doomed to fail as long as the UAW is involved unless they make major consessions. The whole thing; the union contracts, thier pension structure, etc. has made for one **** poor business model.
If they were wise, they would model it after toyota.
Unfortunately, you are dead on with the 40% thing. I was in a union back in the 80's that had to make consessions in order to get work, and this was the attitude with most.
What we need is a panel of shrinks to figure out where this sense of entitlement started in this country, and how to get rid of it.
Banned
Joined: Mar 2009
Posts: 571
Likes: 0
From: Round Rock, TX
I'm beginning to think my particular body style and drivetrain combo will have better resale value than most. It probably wouldn't actually appreciate anytime soon, but a rcsb hemi 2wd '09 isn't easy to find in most areas, and it will outrun just about any stock pickup truck except for an srt-10 or blown lightning.