Chrysler LLC rushed to clinch a deal on Thursday to stave off collapse ahead of a midnight deadline imposed on the No. 3 U.S. automaker by the Obama administration.
Chrysler LLC rushed to clinch a last-minute deal on Thursday to stave off collapse ahead of a midnight deadline for the third-largest U.S. automaker.
Chrysler rushed to clinch deals with Fiat SpA and a fractious group of lenders on Wednesday in a last-ditch effort to avoid bankruptcy ahead of a government-imposed April 30 restructuring deadline.
Talks between the U.S. Treasury Department and Chrysler LLC lenders aimed at cutting the automaker's debt and keeping it out of bankruptcy broke down late on Wednesday, the Wall Street Journal reported, citing people familiar with the discussions.
Chrysler rushed to clinch deals with Fiat SpA and a fractious group of lenders on Wednesday in a last-ditch effort to avoid bankruptcy a day ahead of a government-imposed restructuring deadline.
The U.S. Treasury raised its offer by $250 million in debt restructuring talks with Chrysler LLC lenders on Wednesday as part of a final push to win over lenders holding out for better terms and avoid bankruptcy, two people person briefed on the closed-door talks said.
The fate of the Detroit troubled automaker will be known tomorrow as President Obama is expected to make an announcement at 11:30am EST.
Fiat SpA and Chrysler LLC are prepared to complete a merger deal by Thursday that would be taken into bankruptcy court as a key element of the U.S. automaker's restructuring plan if needed, a person with direct knowledge of the preparations said.
Chrysler continues to make progress in its efforts to complete a proposed alliance with Fiat SpA and qualify for additional government loans, Chrysler Chief Executive Bob Nardelli said on Wednesday.
The U.S. Treasury has reached a tentative deal with banks representing most of Chrysler LLC's first-lien debt but the agreement needs approval from more than 40 other lenders holding the automaker's debt, people familiar with the talks said on Tuesday.
By seeking to dictate terms to secured creditors of Chrysler LLC and General Motors Corp as the automakers struggle to win further aid by cutting debt and costs, the U.S. government has entered uncharted waters that some find unsettling.
The U.S. Treasury has reached an agreement in principle with Chrysler LLC's first-lien lenders that may help the troubled automaker avoid bankruptcy, two people briefed on the discussions said on Tuesday.
The Treasury reached an agreement with Chrysler LLC's lenders that may help the troubled automaker avoid bankruptcy, a source briefed on the matter said on Tuesday.
General Motors Corp on Monday offered its final plan to reorganize outside bankruptcy by slashing bond debt, cutting over 21,000 more U.S. jobs and emerging as a nationalized automaker under majority control by the U.S. government.
Daimler AG on Monday reached an agreement with Chrysler, the U.S. automaker's owner Cerberus Capital Management, and the U.S. Pension Benefit Guaranty Corp to exit its 19.9 percent stake in the company.
Daimler AG on Monday reached an agreement with Chrysler, the U.S. automaker's owner Cerberus Capital Management and the U.S. Pension Benefit Guaranty Corp to exit its 19.9 percent stake in the company.
General Motors Corp on Monday launched a last-ditch bond exchange offer to avoid bankruptcy and planned to cut 21,000 U.S. hourly jobs in a new restructuring that would see the automaker nationalized under majority control by the U.S. government.
U.S. automaker Chrysler LLC showed signs of progress with its unionized workers in its battle to stay alive on Sunday with just days left to complete deals to slash labor and debt costs or face bankruptcy.
MILAN - Fiat SpA's chief executive might swear that he is not trying to build an empire, but he is certainly looking for scale -- on the cheap.
Chrysler LLC Chief Executive Bob Nardelli said on Monday that German automaker Daimler AG is working with Cerberus Capital Management to divest its 19.9 percent stake in struggling U.S. automaker.
The United Auto Workers said on Sunday the union had reached agreement with Chrysler LLC, Italian automaker Fiat SpA and the U.S. government on concessions to its 2007 contract and healthcare trust.
There has been some progress in U.S. government-driven negotiations to save Chrysler LLC, according to a senior White House official, who on Sunday also did not rule out an attempt to complete the company's restructuring in bankruptcy.
