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post #1 of 19 (permalink) Old 04-30-2009, 02:35 PM Thread Starter
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Chrysler Officially Bankrupt: Merger With Fiat A Done Deal


At a mid-day press conference President Barak Obama made the official announcement that Chrysler will in fact file for Chapter 11 bankruptcy protection. Included in the announcement was the news that Chrysler has also reached an agreement with Fiat.

"I can report that the necessary steps have been taken to give one of America's most storied automakers a new lease on life," Obama said.

Praising Chrysler's storied history and saying that the company helped make the 20th Century an American Century, he also chastised the numerous poor decisions made by all parties involved. Chrysler has "for too long, moved too slowly, building less popular cars, that are less reliable and less fuel efficient," Obama said.

The President praised Chrysler management, the UAW and the company's major lender JP Morgan for their "unprecedented sacrifices," and blasted the small group of holdout hedge funds that have refused to budge and accept the Federal government's offer. That offer would see the U.S. government pay out lenders $2 billion in cash for $6.8 billion in debt.

The official Chapter 11 paperwork is expected to be filed as early as today and in the restructuring process the Federal government will provide additional loans to Chrysler. Those loans are not open-ended, however, and will have to be repaid in full before Fiat can take a majority stake in the U.S. automaker.

In the mean time Chrysler operations are expected to continue as normal with one major change. The finance arm of General Motors, GMAC, will finance car loads at the dealership level.

More: Chrysler Officially Bankrupt: Merger With Fiat A Done Deal on AutoGuide.com

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post #2 of 19 (permalink) Old 04-30-2009, 10:31 PM
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Chrysler's top 50 creditors | Freep.com | Detroit Free Press

Here is a link to who Chryslers owes and the amounts, Cummins is #5. Chrysler ONLY owes them $43,912,930.30

I wonder how many of us own engines that haven't been paid for??

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post #3 of 19 (permalink) Old 04-30-2009, 10:45 PM
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Thats kinda what I thought. Plus wondering how many engines Cummins are going to want to sell Chrysler after they lose 47million due to this deal.

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Chrysler has "for too long, moved too slowly, building less popular cars, that are less reliable and less fuel efficient," Obama said.
?? Huh ??

Last edited by Cepp; 04-30-2009 at 10:51 PM.
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post #4 of 19 (permalink) Old 04-30-2009, 10:58 PM
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also wonder how much we are getting back from bailing them out. that was nice of them though, lend them money to get out of the hole, and they go bankrupt instead.

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post #5 of 19 (permalink) Old 04-30-2009, 11:04 PM
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Quote:
Originally Posted by CumminThru View Post
Chrysler's top 50 creditors | Freep.com | Detroit Free Press

Here is a link to who Chryslers owes and the amounts, Cummins is #5. Chrysler ONLY owes them $43,912,930.30

I wonder how many of us own engines that haven't been paid for??
Whatever happened to "Balance due in 30 days."? How could Cummins afford to keep supplying engines being owed that much?

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post #6 of 19 (permalink) Old 04-30-2009, 11:06 PM
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Well when guns in Cummins coveralls come knocking on your door, telling you they are here to repo your engine, you know yours wasn't paid for haha

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post #7 of 19 (permalink) Old 04-30-2009, 11:07 PM
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And why is Obama running this process?
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post #8 of 19 (permalink) Old 04-30-2009, 11:08 PM
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Quote:
I wonder how many of us own engines that haven't been paid for??
Heck with that much owned i wonder if mine is paid for lol

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post #9 of 19 (permalink) Old 04-30-2009, 11:09 PM
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Quote:
Originally Posted by CumminThru View Post
Chrysler's top 50 creditors | Freep.com | Detroit Free Press

Here is a link to who Chryslers owes and the amounts, Cummins is #5. Chrysler ONLY owes them $43,912,930.30

I wonder how many of us own engines that haven't been paid for??
Quote:
Originally Posted by Cepp View Post
Thats kinda what I thought. Plus wondering how many engines Cummins are going to want to sell Chrysler after they lose 47million due to this deal.



?? Huh ??
WELL hello there gentlemen

ok back to topic

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post #10 of 19 (permalink) Old 04-30-2009, 11:59 PM
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And why is Obama running this process?
Good question, I'm Canadian!!

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post #11 of 19 (permalink) Old 05-01-2009, 01:20 AM
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I'm sure some of that cost would also include the 5.0 cummins. The cost can't be just inventory of products, it would be consulting fees, warranty work, and other OPEX cost.

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And why is Obama running this process?
He is the equivalent to a CEO.

Last edited by broman78; 05-01-2009 at 01:23 AM.
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post #12 of 19 (permalink) Old 05-05-2009, 03:40 AM
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Iíd be willing to bet that now Obama has his hands all over this that this is going to be much different then anyone thinks. The US agreed to give 8 billion of our tax dollars to Fiat to take Chrysler off his hands. Iím sure there are strings attached just like everything else our new socialist government is doing.
He is a global warming believer and supporter. Cap and trade translates in taxes for carbon. So we might not even see them build trucks anymore.

If you voted for ďChangeĒ I hope youíre proud of yourself.

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