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Chrysler Chapter 11 reorganization was the petition for bankruptcy on April 30, 2009 of Chrysler car company and 24 of its affiliated subsidiaries with the federal bankruptcy court in New York. [ 1 ] [ 2 ] The court filing occurred upon failure of the company to come to an agreement with its creditors for an outside-of-bankruptcy restructuring ...
$16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models. Chrysler agreed to cut 3,000 jobs, cut one shift from production, and axe three car models. [83] General Motors was also looking to sell its Swedish subsidiary, Saab.
In early 2009, the prospect of avoiding bankruptcy by General Motors and Chrysler continued to wane as new financial information about the scale of the 2008 losses came in. Ultimately, poor management and business practices forced Chrysler and General Motors into bankruptcy. Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009 [95 ...
The Obama administration is exercising control over the U.S. auto industry with the kind of efficiency that dazzled the world in the 1950s -- and back then it was America's business management ...
When President Obama announced that Chrysler would file for bankruptcy, he gave it a positive spin. The basic idea was that with another $8 billion in U.S. loans -- bringing the total to $12 ...
General Motors (GM) and Chrysler LLC are struggling mightily to stay out of bankruptcy court. With roughly $20 billion in loans from the U.S. and some very tight deadlines, they're scrambling to ...
Under the reorganization process, termed a 363 sale (for Section 363 which is located in Title 11, Chapter 3, Subchapter IV of the United States Code, a part of the Bankruptcy Code), the purchaser of the assets of a company in bankruptcy proceedings is able to obtain approval for the purchase from the court prior to the submission of a re ...
Chrysler struggled mightily to sell cars in May, a month it spent entirely in bankruptcy. Even so, last month's sales beat expectations and that could be a very good sign for General Motors ...