Category Archives: Bankruptcy

Auto supplier Lear to file for bankruptcy

By doris | Published: July 2, 2009

Full Story At money.cnn.com DETROIT (Reuters) — Auto seating supplier Lear Corp. said on Wednesday it would file for Chapter 11 bankruptcy protection in a reorganization supported by key secured lenders and bondholders and that it had obtained $500 million in bankruptcy financing. Lear (LEA, Fortune 500), which had been in talks with its lenders [...]

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GM faces $250M past due notice

By doris | Published: June 20, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — General Motors owes hundreds of millions of dollars to major suppliers who have never made an auto part, rubber tire or sheet of steel — and they’re not likely to get paid anytime soon. GM is on the hook for more than $100 million for advertising it [...]

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Chrysler restarts with the Viper

By doris | Published: June 16, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Chrysler will soon be making cars again. Chrysler Group announced Monday that it is restarting a factory, after shutting down all of its manufacturing for nearly seven weeks following the bankruptcy of Chrysler LLC. Chrysler Group is the new company that emerged last week with most of [...]

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Showdown over auto dealer cuts

By doris | Published: June 15, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — These are hard times for car dealers. Across the nation, General Motors and Chrysler dealerships are pulling down their big roadside signs and closing their doors. The companies say they have no choice but to cut the cord and save money. The dealers, who say they are [...]

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Theme-park chain Six Flags files for bankruptcy

By doris | Published: June 15, 2009

Full Story At CNN.com The filing will not affect the operation of the company’s 20 parks in the United States, Mexico and Canada, said spokeswoman Sandra Daniels. “This restructuring will have no impact on families who come out to our parks. They will not see an inch of difference,” Daniels said. In an online letter [...]

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GM to head into bankruptcy

By doris | Published: June 1, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — General Motors, the nation’s largest automaker and for decades an icon of American manufacturing, stood on the brink of a bankruptcy filing and a de facto government takeover on Monday. A bankruptcy petition will be filed at 8 a.m., according to a source with direct knowledge of [...]

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GM bondholders reject offer

By doris | Published: May 27, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — General Motors has fallen far short of the bondholder support it needed for its proposed debt-for-stock offer, according to a source familiar with the matter, virtually guaranteeing that the nation’s largest automaker will be forced to file for bankruptcy court protection within the week. The bondholders own [...]

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An auto dealer survives the onslaught

By doris | Published: May 16, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — The Manfredis were among the fortunate ones Thursday, avoiding Chrysler’s ax as it struck down nearly 800 dealerships across the nation. “I’m one of those lucky dealers … who will remain a dealer,” said Corrado Joe Manfredi, who owns 11 dealerships with his son Nick in the [...]

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Chrysler: Dealership letters in the mail

By doris | Published: May 15, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Chrysler dealers nationwide were fearing the UPS guy on Thursday. For 789 dealerships, the man in brown came carrying an overnight letter from Chrysler LLC indicating that they are being closed as part of the automaker’s bankruptcy. Some dealers received additional phone calls from company representatives, while [...]

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Chrysler’s sorry state revealed

By doris | Published: May 12, 2009

Full Story At money.cnn.com NEW YORK (Fortune) — Among the thousands of pages of documents filed in connection with Chrysler’s Chapter 11 bankruptcy are affidavits from Chrysler executives that open up a window on the auto business previously closed to outsiders in this intensely competitive business. They reveal an almost unimaginable complexity in the design, [...]

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Chrysler won’t repay bailout money

By doris | Published: May 6, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing. This revelation was buried within Chrysler’s bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a [...]

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Sources: Chrysler-Fiat Partnership At Hand

By doris | Published: May 3, 2009

Full Story At  CBS News AP) Italian automaker Fiat Group SpA will sign paperwork to become a partner with Chrysler LLC by Thursday, according to three people briefed on the deal. The partnership is the last piece of a huge restructuring plan needed to keep Chrysler alive as it approaches Thursday’s government deadline to cut [...]

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Chrysler to shutter five more plants

By doris | Published: May 2, 2009

Full Story At  msnbc.com NEW YORK – Attorneys for Chrysler LLC said the company will file a motion by Saturday to sell substantially all of its assets to Italian automaker Fiat Group SpA, but that won’t include eight plants, including five that the automaker revealed it will shutter by the end of next year. While [...]

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Chrysler judge expert in corporate collapse

By doris | Published: May 1, 2009

Full Story At money.cnn.com NEW YORK (Reuters) — The bankruptcy judge who oversaw the massive cleanup after the Enron and WorldCom meltdowns has a new challenge that may be his toughest yet – overhauling Chrysler LLC. Judge Arthur Gonzalez of U.S. Bankruptcy Court in Manhattan was assigned the case Thursday after the iconic carmaker sought [...]

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