CHRYSLER is rumoured to be about to file for bankruptcy with an alliance to follow with Fiat.
Embattled car giant Chrysler may be about to file for bankruptcy, according to early reports this morning from the United States.
Business site Bloomberg has reported that US President Barack Obama will announce later today that Chrysler will be placed in Chapter 11 bankruptcy, and will implement an alliance with Italian carmaker Fiat, Carsguide reports.
Under that deal, Fiat would own 20 per cent of Chrysler, with the American and Canadian auto workers’ unions owning 55 per cent and the remaining 25 per cent being held by the Government.
Related Coverage.
The reports come after a leaked memo to Chrysler employees from the carmaker’s chief executive officer Bob Nardelli, saying the company was waiting to hear whether its 46 main creditors would accept $US2 billion to wipe out $US6.9 billion in secured debt.
Related Coverage
D-day arrives for Chrysler
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The Australian, 15 Apr 2009 However Chrysler Australia spokesman Jerry Stamoulis says reports of the bankruptcy are premature.
“The bankruptcy rumours have been around for a couple of days. The letter from Nardelli last night has only confirmed what we already knew about the debt – it really wasn’t telling us anything new,” Stamoulis says.
“Until there’s some sort of decision from the US Treasury department, anything is possible.
“We need to consider all the options of what might happen, and certainly bankruptcy is one of the avenues that could allow the brand to continue under a new structure.
“It’s not the ideal avenue. The ideal solution is to come to an agreement with Fiat and the Treasury without filing for bankruptcy. But either scenario is not bad news.
“The worst case scenario is if the US government says it sees no future for the company and there may be a chance of liquidation.
“That’s something we don’t want, but don’t expect to happen either.”
Embattled car giant Chrysler may be about to file for bankruptcy, according to early reports this morning from the United States.
Business site Bloomberg has reported that US President Barack Obama will announce later today that Chrysler will be placed in Chapter 11 bankruptcy, and will implement an alliance with Italian carmaker Fiat, Carsguide reports.
Under that deal, Fiat would own 20 per cent of Chrysler, with the American and Canadian auto workers’ unions owning 55 per cent and the remaining 25 per cent being held by the Government.
Related Coverage.
The reports come after a leaked memo to Chrysler employees from the carmaker’s chief executive officer Bob Nardelli, saying the company was waiting to hear whether its 46 main creditors would accept $US2 billion to wipe out $US6.9 billion in secured debt.
Related Coverage
D-day arrives for Chrysler
Perth Now, 30 Apr 2009
Chrysler reaches deal, bankruptcy option
NEWS.com.au, 29 Apr 2009
GM, Chrysler get more US aid
NEWS.com.au, 22 Apr 2009
Chrysler job warning
Perth Now, 18 Apr 2009
Chrysler's new debt off
The Australian, 15 Apr 2009 However Chrysler Australia spokesman Jerry Stamoulis says reports of the bankruptcy are premature.
“The bankruptcy rumours have been around for a couple of days. The letter from Nardelli last night has only confirmed what we already knew about the debt – it really wasn’t telling us anything new,” Stamoulis says.
“Until there’s some sort of decision from the US Treasury department, anything is possible.
“We need to consider all the options of what might happen, and certainly bankruptcy is one of the avenues that could allow the brand to continue under a new structure.
“It’s not the ideal avenue. The ideal solution is to come to an agreement with Fiat and the Treasury without filing for bankruptcy. But either scenario is not bad news.
“The worst case scenario is if the US government says it sees no future for the company and there may be a chance of liquidation.
“That’s something we don’t want, but don’t expect to happen either.”
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