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NEWS ABOUT: Chrysler

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UAW Cuts Deal With Chrysler, Fiat, US Treasury

(Newser) - Auto workers cut a new agreement with Chrysler today that brought the automaker closer to a partnership deal with Fiat, the Wall Street Journal reports. Agreeing to lower health care benefits for retirees, United Auto Workers called the "concessionary agreement" painful but said it met President Obama's rigorous... More »

Chrysler Strikes Deal With Canadian Workers

Workers surrender benefits to keep operating costs down

(Newser) - Chrysler has won concessions from its Canadian workers that may help keep it out of bankruptcy, the Globe & Mail reports. The Canadian Auto Workers union—faced with the prospect of Chrysler abandoning its operations north of the border—agreed to give up a range of hard-won benefits and... More »

Chrysler to Dealers: We're Not Going Bankrupt

(Newser) - Chrysler isn’t facing imminent bankruptcy, its vice chairman told the automaker’s dealers today. “Nothing has changed,” Jim Press said on a conference call, three participants tell the Wall Street Journal. Chrysler still plans to restructure outside of bankruptcy and cut a deal with Fiat. But Press... More »

Fiat Exec Would Gut Chrysler to Save It

Marchionne has succeeded in fighting corporate bloat before

(Newser) - It may seem awfully cocky of Fiat chief Sergio Marchionne to assume that he can save Chrysler, generally written off in the industry as a lost cause. But there’s a reason Marchionne is optimistic, notes the Economist: He’s done it before. When he took over Fiat in 2004,... More »

Auto Workers Fear Deep Cuts in Pensions

If Chrysler, GM go to bankruptcy court, 1 million workers likely to take pension cuts

(Newser) - As Chrysler and possibly GM head toward bankruptcy court, nearly a million retired workers fear deep cuts to their pensions and health plans, reports the Washington Post. Though the Obama administration is hoping to mitigate cuts, the plans are underfunded by billions of dollars. “I feel betrayed,” says... More »

Fiat Begins Talks With GM While Courting Chrysler

(Newser) - Fiat is bound and determined to join the big boys of the auto world, and it's using ailing US companies to gain a foothold. The Italian automaker has begun surprise talks with General Motors to buy a stake in GM's Opel division and expand its presence in Europe and Latin... More »

Chrysler May File for Bankruptcy Next Week

(Newser) - Chrysler is preparing to file for bankruptcy as early as next week, the New York Times reports. The best-case scenario for survival: Chrysler will strike a deal with its lenders, file for bankruptcy protection to shed liabilities, then merge its strongest assets with Fiat. If those deals fall through, the... More »

Treasury Ups Offer to Chrysler Lenders

Treasury blinks in standoff that will determine auto maker's future

(Newser) - The Treasury Department is offering banks holding Chrysler's debt a better deal in the latest round of the back-and-forth over the automaker's future, the Wall Street Journal reports. The counter offer—still way short of what the banks seek—proposes to give lenders 22% of the $6.9 billion Chrysler... More »

Banks, Treasury Play Chicken on Chrysler Deal

Alternate headline: Banks, Treasury Play Chicken on Chrysler Deal

(Newser) - A group of big banks balked at the Treasury’s proposal that they slash 85% of Chrysler’s debt, the government’s second such request. Instead, in what the Wall Street Journal calls a “significant act of brinkmanship” as an April 30 deadline looms, the banks, including bailout recipients... More »

Chrysler Gets New Aid, but End May Loom

Treasury pushes automaker toward Fiat deal or liquidation

(Newser) - The Obama administration has given a further $500 million to keep Chrysler afloat, but Washington signaled yesterday it increasingly believes Chrysler will not survive as an independent company. Treasury officials met yesterday with CEO Robert Nardelli, as well as the heads of the United Auto Workers and Italian automaker Fiat.... More »

Chrysler Execs Spurn $750M Fed Loan Over Pay Limits

(Newser) - Chrysler's financing arm has turned down a $750 million federal loan in order to skirt limits on executive pay, sources tell the Washington Post. Fearing that an earlier $1.5 billion loan was running out, the Treasury offered Chrysler Financial the extra credit about 2 weeks ago, attaching strict compensation... More »

Five '70s Cars That Plain Suck

(Newser) - The 1970s was "a decade of excess mediocrity in so many quarters it's hard to catalog it all," Tony Borroz writes in Wired. But you can start with the cars. Here follow five total flops.
  • Ford Mustang Cobra II: "An over-glorified Pinto" that made a "mockery
... More »

Bailed-Out Banks Don't Want to Bail Out Chrysler

Lawmakers say rescued banks should cooperate in auto rescue plan

(Newser) - Auto task force Steven Rattner's request that four big banks write off their $7 billion debt to Chrysler in return for nothing met with a big no from dropped jaws, reports the Washington Post. JPMorgan Chase, Morgan Stanley, Citigroup, and Goldman Sachs are seeking a better deal, but critics argue... More »

Models—Human and Auto— Take Bailout Flak at Car Show

Models take the flak for GM, Chrysler missteps

(Newser) - Crowds hostile about the state of America’s auto industry have made presenting at auto shows a much trickier job than it used to be, the New York Times reports. The eye-candy models at scaled-back exhibits from General Motors and Chrysler are fielding questions during the ongoing New York event... More »

Feds Put the Squeeze on Auto Creditors

Billions of dollars in concessions sought from banks, bondholders

(Newser) - The government is pushing hard to wring billions of dollars in concessions from the creditors of General Motors and Chrysler, the Wall Street Journal reports. Insiders say Treasury has pushed GM to offer bondholders only stock in return for debt after it judged as too generous a deal involving stock,... More »

Media World Braced for Loss Of GM, Chrysler Ad Buys

A collapse in Detroit could cost media players billions

(Newser) - As the situation in Detroit becomes increasingly perilous, media companies are anxiously waiting to see what happens to the vast marketing dollars—$3 billion in the US last year—General Motors and Chrysler previously poured into advertising. But while vastly decreased spending seems like a foregone conclusion, most media companies... More »

'Car Bubble' Blows Up on Automakers

Sales were artificially high in boom years; rebound unlikely

(Newser) - The housing boom brought a car bubble along for the ride, and now that one has burst, so has the other, reports the Washington Post. Thousands of cars are sitting on lots and likely to stay there. “You had a huge number of cars being sold," says Steven... More »

More Big Auto Sales Drops: GM Off 45%, Ford 41%

(Newser) - Automakers got hammered again last month, with Detroit’s Big Three all reporting big sales drops today. Ford’s light-vehicle numbers were down 41%, the AP reports; General Motors’ fell 44.7% and Chrysler’s 39.3%, the Wall Street Journal adds. Foreign manufacturers weren’t immune, either, with Toyota’... More »

Was Obama Tough Enough?

(Newser) - Barack Obama gave GM and Chrysler some tough love yesterday. Too tough, or too much love? Here’s what the papers are saying:
  • Obama “delivered a believable, sharp, and necessary ultimatum,” says the Washington Post. He rightly demanded union concessions, and put bankruptcy back on the table.
  • But
... More »

White House Favors Managed Bankruptcy for Chrysler, GM

(Newser) - The Obama administration’s favored plan to rescue GM and Chysler is a managed bankruptcy that would relieve them of their biggest liabilities by splitting the carmakers into “good” and “bad” components, the Wall Street Journal reports. The “good” GM would  comprise profitable brands like Chevy and... More »

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