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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 ...
The Chrysler Corporation Loan Guarantee Act of 1979 is a federal statute enacted to provide federal loan guarantees to the Chrysler Corporation in response to the company's financial crisis. Signed into law by President Jimmy Carter, the act authorized up to $1.5 billion in federal loan guarantees, enabling Chrysler to avoid bankruptcy. [1]
Obama publicly accused Chrysler bondholders of being speculators, after they rejected the last offer which caused Chrysler to file for bankruptcy, with some of them receiving death threats after a bankruptcy judge refused to protect their anonymity. The hedge funds stated that their clients included pension funds and university endowments.
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 ...
But the more important news was the threat to force Chrysler into Chapter 11 if it cannot do a deal Government's auto plan may close Chrysler Skip to main content
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 ...
The case was assigned to U.S. Bankruptcy Judge Robert Gerber, who had previously presided over another high-profile bankruptcy case of Adelphia Communications Corp. [7] Shortly after the Chapter 11 filing, it was announced that on Monday, June 8, 2009, GM would be removed from the Dow Jones Industrial Average, and replaced by Cisco Systems.
The entity consisting of parts of the "old" Chrysler has repaid the federal government $1.9 billion of the $4 billion it loaned to keep the company running following the financial crisis in 2008.