Chrysler to file Bankruptcy
#52
04-28-2009, 08:42 AM
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Now, like I said before, its up to the major debt holders to forgive some of the Chrysler debt, if not, then its questionable whether Fiat will merge before the deadline. It will probably wait and get what it needs in Chap 11 after the 30th. We'll see....
P.S. I did my part----Purchased a crew sport 4x4 on 03/27/09 (first dodge ever purchased), and believe me, IT WAS HARD!! I've been a chevy man all of my life, and still own a fully restored '68 vette.
Gonzo
Last edited by gonzo14; 04-28-2009 at 08:46 AM.
#53
04-28-2009, 10:28 AM
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creditors and Treasury come together!!!
Another breaking story as of this morning: http://www.washingtonpost.com/wp-dyn...042801241.html Now its up to Fiat to go through with the merger!!!
Gonzo
Gonzo
#54
04-28-2009, 11:01 AM
They are going to make it, IMO. They needed three things to happen, with two of them down.
1. Get the unions to make a deal. They did. The UAW will hold 55% stake in Chrysler.
2. Drop their debt down. It has gone from 6 billion to 2 billion. The banks realized with a chapter 11 they would lose more money.
3. Get Fiat. It is in the works.
1. Get the unions to make a deal. They did. The UAW will hold 55% stake in Chrysler.
2. Drop their debt down. It has gone from 6 billion to 2 billion. The banks realized with a chapter 11 they would lose more money.
3. Get Fiat. It is in the works.
#55
04-28-2009, 11:35 AM
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Restructuring debt and reorganizing any busy is often best done under extreme duress and under threat of Chapter 11 or worse. Any company will emerge healthier, leaner and more efficient. Lets just hope the production and quality dont suffer in the process. I also am of the opinion that they will make it but at the same time also hope that they do away with some of the quirckier small cars that Chrysler and Dodge make.
#56
04-28-2009, 01:52 PM
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Here's a good article:
http://money.cnn.com/2009/04/28/news...ney_topstories
Things aren't finalized yet in regards to the unions, but it looks like there is hope.
If Fiat joins Chrysler their small cars will be replacing the current Chrysler small cars. I wouldn't mind driving an Alfa Romeo.
http://money.cnn.com/2009/04/28/news...ney_topstories
Things aren't finalized yet in regards to the unions, but it looks like there is hope.
If Fiat joins Chrysler their small cars will be replacing the current Chrysler small cars. I wouldn't mind driving an Alfa Romeo.
#57
04-28-2009, 03:19 PM
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Here's a good article:
http://money.cnn.com/2009/04/28/news...ney_topstories
Things aren't finalized yet in regards to the unions, but it looks like there is hope.
If Fiat joins Chrysler their small cars will be replacing the current Chrysler small cars. I wouldn't mind driving an Alfa Romeo.
http://money.cnn.com/2009/04/28/news...ney_topstories
Things aren't finalized yet in regards to the unions, but it looks like there is hope.
If Fiat joins Chrysler their small cars will be replacing the current Chrysler small cars. I wouldn't mind driving an Alfa Romeo.
Gonzo
#58
04-28-2009, 03:50 PM
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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.
#59
04-28-2009, 03:52 PM
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They are going to make it, IMO. They needed three things to happen, with two of them down.
1. Get the unions to make a deal. They did. The UAW will hold 55% stake in Chrysler.
2. Drop their debt down. It has gone from 6 billion to 2 billion. The banks realized with a chapter 11 they would lose more money.
3. Get Fiat. It is in the works.
1. Get the unions to make a deal. They did. The UAW will hold 55% stake in Chrysler.
2. Drop their debt down. It has gone from 6 billion to 2 billion. The banks realized with a chapter 11 they would lose more money.
3. Get Fiat. It is in the works.
#60
04-30-2009, 05:02 PM
It looked like Chysler was getting enough concessions to avoid the filing, but I guess not. They filed chapter 11 today. That is what Obama's team wanted and that is what they got.....control.