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Chysler declares self bankrupt

America's third largest car manufacturer, Chrysler, has declared itself bankrupt after a handful of creditors withstood pressure from the Obama administration to forgive billions of dollars in debt, casting a cloud of uncertainty over tens of thousands of jobs at factories, suppliers and dealers.

After round-the-clock negotiations broke down, the 83-year-old Detroit carmaker said it was putting its future in the hands of the courts despite an 11th-hour deal with Italy's Fiat to pool technology in building new vehicles.

Both the White House and Chrysler expressed hope for a "surgical" bankruptcy lasting 30 to 60 days, clearing the company's liabilities and allowing it to emerge in healthy shape. But legal experts questioned whether this will be achievable and factory workers expressed fear for their jobs.

Speaking in the foyer of the White House, President Barack Obama made clear his anger towards the hold-outs: "While many stakeholders made sacrifices and worked constructively, I have to tell you that some did not. A group of hedge funds and investment funds decided to hold out for an unjustified taxpayer bailout."

He said it was "unacceptable" for a "small group of speculators" to endanger Chrysler's future. But he expressed optimism that Chrysler, which makes brands including Jeep and Dodge, can be restructured through a bankruptcy filing: "This is not a sign of weakness but rather one more step on a clearly chartered path towards Chrysler's revival."

Chrysler employs 54,000 people but tens of thousands more work for parts companies and in motor dealerships which depend on the firm for business. About 115,000 retired Chrysler workers depend on the company for healthcare and benefits.
www.guardian.co.uk/business/2009/apr/30/chrysler-verge-bankruptcy-talk
s-collapse

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Originally posted by SignyM:
This is all Dodd's and Frank's fault! And besides, the economy ws ON FIRE until those stupid Dems won Congress in 2006! Before that everything was just fine!

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We should have strapped him into a glider, filled it nose heavy w/ explosives, and dropped his Allah lovin' ass into a large, empty field. After which, release wild boars into the area so they could make good use of his remains. Now THAT's justice.- rappy

Yeah, that's what Sheikh Issa said. Seems you both have a lot in common.- signy

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#3 They are now going to be building small cars that nobody want.

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Originally posted by Kwicko:

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#3 They are now going to be building small cars that nobody want.

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Interesting "fact" there. Last time I looked, Honda wasn't offering any discounts or rebates on their Fit, Civic, or Element lineup - their smallest cars. Neither was Toyota offering any cut-rate deals on their Scion brand of small cars or on the Yaris, Prius, or Corolla small cars. They WERE offering huge discounts - up to $18,000 off - on their Tundra full-size pick-up and Sequoia large SUV.

A look across the street at the Chrysler/Dodge dealership shows them offering discounts of up to $15,000 on full-size Ram pick-ups and Pacifica and Durango SUVs. There's no more waiting list for the Challenger, Charger, and Chrysler 300, and they're being offered with significant discounts and rebates, too.

Apparently, small cars are the next big thing.

I guess GM is trying to sell or shutter its Hummer brand because of great sales, right?

Mike

Build a man a fire and he'll be warm for a day...
Set a man on fire and he'll be warm for the rest of his life.

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Originally posted by whozit:
Facts

#1 Scion's are UGLY!

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#2 If you look ON the street and not ACROSS it you'll find it isn't full of these tiny little cars

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#3 Those idy bidy little cars are going for less then $20,000, some for less then $15,000, what cut-rate deals are they going to offer?

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#4 "REAL MEN" love HEMI's.....it's a fact.

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Originally posted by Kwicko:

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Originally posted by whozit:
Facts

#1 Scion's are UGLY!

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Says you. I think a couple of them are kinda cute. The new Xb looks like hammered ass, but the first-generation Xb was awesome. Zippy and fun to drive, and very well designed.

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#2 If you look ON the street and not ACROSS it you'll find it isn't full of these tiny little cars

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#4 "REAL MEN" love HEMI's.....it's a fact.

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Originally posted by whozit:
#2 If you look ON the street and not ACROSS it you'll find it isn't full of these tiny little cars

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Originally posted by whozit:
Facts

#1 Scion's are UGLY!

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