bankruptcy

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Chrysler Junks 789 Dealers —25% of US Salesforce

Move will increase profits, company says

(Newser) - Chrysler plans to eliminate 25% of its US dealers by next month, the New York Times reports. The embattled automaker notified 789 today, citing the need to keep remaining franchises profitable. Chrysler filed a list of those dealerships in bankruptcy court, and a judge could decide to rescue them. General...

Lehman Weighs Spinning Off $45B in Assets

In the most sweeping bankruptcy action yet, assets will become separate unit

(Newser) - Bankrupt Lehman Brothers is preparing to spin off a grab-bag of assets worth $45 billion in their current state but as much as $400 billion at "nondistressed" prices, the Wall Street Journal reports. The planned sale of shares in the unit—the biggest move yet to unwind the...

GM Loses $6B in Q1, Burns $10.2B

The ailing automaker looks no closer to avoiding bankruptcy, CEO says

(Newser) - General Motors lost nearly $6 billion in the first quarter, hampered by bankruptcy fears and slumping global sales. The company spent $10.2 billion while revenue declined to $22.43 billion—47% down from the previous year. However, the loss of $5.98 billion, or $9.78 a share, was...

Judge Greenlights Chrysler Auction
Judge Greenlights Chrysler Auction
May 6, 2009 2:21 AM CDT

Judge Greenlights Chrysler Auction

Bankruptcy ruling starts clock ticking toward merger with Fiat

(Newser) - A bankruptcy judge has given Chrysler approval to auction off most of its assets by May 27, the Detroit Free Press reports. The move—decided over the strenuous objections of some lenders holding Chrysler debt—is the first step toward the auto maker's proposed partnership with Fiat, which has offered...

Filene's Basement Files for Chapter 11

Plans to sell 17 of 25 stories for $22M

(Newser) - Filene’s Basement filed for Chapter 11 bankruptcy today, the Wall Street Journal reports. The bargain clothing store has struggled in an “increasingly competitive discount retail market,” court papers said. The chain plans to sell 17 of 22 locations to real-estate investors Crown Acquisitions, though it will still...

Chrysler Downfall Gives Obama Leverage With GM
Chrysler Downfall Gives Obama Leverage With GM
ANALYSIS
May 2, 2009 2:24 PM CDT

Chrysler Downfall Gives Obama Leverage With GM

President has already shown he'll play hardball to resurrect a sputtering automaker

(Newser) - Chrysler’s spiral into bankruptcy may give the Obama administration leverage in drastically reshaping General Motors, David E. Sanger and Bill Vlasic write in the New York Times. GM bondholders now know Obama isn't kidding about bankruptcy court, and could fear being stuck with paltry court payouts. Obama's offer of...

Chrysler Halts Production to Lower Inventory

Automaker also appears in court to lay out bankruptcy plan

(Newser) - Chrysler idled its plants today for 30 to 60 days to reduce inventory as the company’s lawyers appeared in a New York bankruptcy court, the Washington Post reports. The attorneys outlined a plan to emerge from bankruptcy within 2 months. “We are quite mindful of the view of...

Fiat Has Long Shed 'Fix It Again Tony' Reputation

(Newser) - The last time Fiat tried to make a go of it in the US market, its unreliable cars earned it the nickname Fix It Again Tony, reports the New York Times. That was 25 years and another world ago. After a renewed focus on quality under CEO Sergio Marchionne, the...

Chrysler Bankruptcy Obama's Blunt Message to GM
Chrysler Bankruptcy Obama's Blunt Message to GM
OPINION
Apr 30, 2009 3:08 PM CDT

Chrysler Bankruptcy Obama's Blunt Message to GM

President not afraid to use 'the big stick' on ailing firms

(Newser) - In announcing Chrysler’s bankruptcy, President Obama shows other troubled firms and industries there’s a point where bailouts stop and hard choices begin—and that message must ring especially clear at General Motors, writes Tom Walsh for the Detroit Free Press. GM’s creditors will now be under a...

Bankruptcy 'New Lease on Life' for Chrysler: Obama

(Newser) - President Obama said today that Chrysler’s impending bankruptcy is “not a sign of weakness but one more step” towards recovery, the Washington Post reports. The 1-to-2 month “surgical” bankruptcy—a time frame met with skepticism by experts—will give the automaker a “new lease on life,...

Chrysler Bankruptcy Faces Bumpy Road
 Chrysler Bankruptcy 
 Faces Bumpy Road 
ANALYSIS
Apr 30, 2009 11:28 AM CDT

Chrysler Bankruptcy Faces Bumpy Road

(Newser) - The battle to restructure Chrysler is about to go public, and could get messy, Michael de la Merced writes for the New York Times. After failing to get all the automaker’s debt-holders in line, the government prepared a “prepackaged bankruptcy,” a Chapter 11 filing with a reorganization...

Chrysler to Declare Bankruptcy: White House

(Newser) - Having failed to make a deal with the creditors to which it owes some $7 billion, Chrysler will declare Chapter 11 bankruptcy later today, a White House official tells CNN. The filing does not mean the company will cease operations—rather, it represents an opportunity to execute a merger with...

Chrysler Talks Break Down; Bankruptcy Expected Today

Bankruptcy still looks likely for automaker

(Newser) - Last-minute talks between the Treasury Department and Chrysler's creditors have broken down, making a bankruptcy filing nearly certain today, the Wall Street Journal reports. In other developments, the Detroit News says Italian automaker Fiat will still sign a deal today to forge an alliance with Chrysler. Under the bankruptcy plan...

Last-Minute Chrysler Talks Hinge on Smaller Lenders

Bankruptcy remains a possibility

(Newser) - Chrysler is still preparing for bankruptcy in case the Treasury's last-minute negotiations with hesitant creditors crumble, the Wall Street Journal reports. Most big lenders have agreed to write down part of Chrysler’s debt in exchange for stakes in the company, but smaller hedge funds also have to agree for...

Chrysler Creditors Strike Deal to Avoid Bankruptcy

(Newser) - The Treasury Department struck a deal with Chrysler’s creditors last night to avoid what had looked like a probable bankruptcy, the Washington Post reports. The creditors, a disparate group of 45 financial firms, agreed to write down all but $2 billion of the $6.9 billion Chrysler owes them,...

US Lends GM Another $2B
 US Lends GM Another $2B  
Apr 24, 2009 2:03 PM CDT

US Lends GM Another $2B

Funds mean firm can keep working towards restructuring deadline

(Newser) - The Obama administration provided General Motors with another $2 billion in low-cost federal loans today, MarketWatch reports. The funds are intended to keep the company operating as it attempts to restructure ahead of a June 1 deadline. GM has so far received $15.4 billion in loans from the government....

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...

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...

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...

Bankrupt Sports Museum Holds Mementos Hostage

(Newser) - New York’s Sports Museum of America has filed for bankruptcy, and is holding some priceless memorabilia hostage, the Wall Street Journal reports. Though more established halls of fame saw the move coming and pulled out loaners, the trustee wants legal fees from owners of items still in storage, or...

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