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...time Chrysler filed for Chapter 11 yesterday, it was no longer a large American company. Although the firm is private, most estimates are that the No.3 U.S. car company may only have $35 billion in revenue this year. If that is true, it would not be among the top seventy companies in the Fortune 500. Its 2009 sales may be less than Apple's (AAPL). With 54,000 employees, Chrysler has fewer workers than Cisco (CSCO...
There's sad news from Detroit. Embattled Chrysler appears to have run out of rope, and has filed for bankruptcy - a course confirmed by President Obama at a Thursday press conference. The reason for the fast fall into Chapter 11 is that some of Chrysler's debt holders refused to take the cash settlement offer put together by Steve Rattner and the Automotive Task Force, the terms of which they found rather harsh...
...open, I say, bring it on, let's have a big national debate on this," William Kristol, a conservative pundit, said on Fox News Sunday. "Let's have Dick Cheney debate anyone the left wants to produce about whether we were responsible, about whether this was a dark chapter in our history, something that we should be ashamed of or whether the U.S. government behaved in a very fine way, I think, in a very impressive...
...Streeters believe the prospects for such a major swap of GM stock for debt are dubious since bondholders expect to fare better in bankruptcy. Some bondholders are said to have positioned themselves for a bankruptcy filing by buying credit default swaps, which would pay off if GM filed for Chapter...
...reduced the amount further, to $3.75 billion. A final deal with creditors much be reached by May 1. Among Chrysler's biggest bondholders are JP Morgan Chase, Citigroup, Goldman Sachs and Morgan Stanley. Even if Chrysler reaches a deal with its major creditors it may still decide to enter Chapter 11 as a way to further clean up its balance sheet...