Word: cerberus
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...Cerberus LLC, the New York-based private-equity company that runs Chrysler is prepared to take what is described as a significant stake in any new auto company that may be created by merging General Motor and Chrysler. Many observers had concluded that Cerberus believed it had been burned after buying an 80.1% stake in the struggling No. 3 automaker in 2007. At one point, there was speculation that Cerberus was trying to find a way to unload its ownership in the car company. However, an executive familiar with the talks tells TIME that Cerberus is not preparing to walk...
...interest rates offered for industrial companies with shabby credit ratings have soared over the summer, making the federal option even more crucial. All three of Detroit's carmakers have had their credit ratings downgraded; GM has had to fight off rumors of an impending bankruptcy; and Cerberus, Chrysler's principal owner, has been hammered by a new round of cutbacks. Ellen Hughes Cromwick, Ford's chief economist, said this week that the unfolding credit crunch has a had a palpable impact on the carmakers. "The credit crunch could persist for some time," she said. "That's a situation that adds...
...perhaps a virtual fence underwater? British defence firm QinetiQ has adapted its military underwater sonar system, Cerberus, into the private yacht market. It creates an underwater acoustic perimeter around a vessel that triggers an alert when broken. It "would identify an underwater swimmer, scuba diver or vehicle coming in under the water," said a company spokesman...
...could say Chrysler has the red, white and blues. Despite spending nine years under German ownership, Chrysler remains the most American-focused of Detroit's Big Three automakers. The company - which was sold in August by Germany's Daimler to the private equity firm Cerberus for $7.4 billion - is more dependent upon the U.S. market than either General Motors or Ford. Only 8% of Chrysler cars are sold outside North America. While, in decades past, that may have been a sensible strategy, this concentration is increasingly a liability as U.S. market growth has slowed, and competition from imports is revving...
Chrysler's fate could be the sign of what is to come for the U.S. auto industry and labor unions. Some say Cerberus' difficulty securing loans for the deal could also mean that the heyday of private equity is over...