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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 ...
Chrysler was founded by Walter Chrysler on June 6, 1925, [1] when the Maxwell Motor Company (est. 1904) was re-organized into the Chrysler Corporation. [2]Walter Chrysler had originally arrived at the ailing Maxwell-Chalmers company in the early 1920s, having been hired to take over and overhaul the company's troubled operations just after a similar rescue job at the Willys car company.
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 ...
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 ...
Remember Chrysler? It makes Jeeps, minivans, and such and was bailed out by the U.S. in 1979. But in May 2007 a private equity firm, Cerberus Capital, bought an 80.1 percent stake in Chrysler from ...
Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of ...
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.