Word: chryslers
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Dates: during 1970-1979
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...financially straitened Chrysler Corp. got a felicitously timed lift last week in its drive to persuade Washington to approve federal guarantees for loans from private banks. The Economic Development Administration decided to guarantee loans totaling $111.1 million for the Jones & Laughlin Steel Corp. to install pollution control equipment. Though that guarantee was granted under a special Administration program to help steelmakers meet the heavy cost of complying with environmental rules, Chrysler officials are sure to cite it as a precedent in their push for much bigger guarantees...
Like an auto company showing off its new cars, the beleaguered Chrysler Corp. last week unveiled its shining new 1980 model management. Lee Iacocca, 54, the razzmatazz marketing whiz and former Ford president who joined Chrysler only last November, was elected chairman to replace John Riccardo, 55, who surprisingly retired, citing as a cause his recent heart trouble. Joining Iacocca at the top were several cronies from his 32 years at Ford. J. Paul Bergmoser, 63, former purchasing vice president at Ford, takes over as president; the new executive vice president for finance is Gerald Greenwald, 44, once president...
...look at Chrysler was in part a tactic to win greater sympathy for the automaker in its drive to get as much as $1.2 billion in federal loan guarantees. The company needs an infusion of funds by year's end in order to launch work on its 1981 models. Treasury Secretary G. William Miller has asked for revisions in the Chrysler rescue proposal. In rejecting the initial request, which would leave the taxpayers holding the bag if Chrysler defaulted on loans from private bankers, Miller bridled not only at the size of the financial package but also...
...financial blood bank for the company might be the $300 million strike fund built up by the United Auto Workers. After the contract settlement with General Motors two weeks ago, that fund will not be needed to pay picketing workers, and Chrysler may try to borrow from it This week Chrysler will open its own contract negotiations with the U.A.W., and ways in which the union might help the automaker will be discussed. U.A.W. President Douglas Fraser rules out using the $300 million kitty, but may accept partly deferred wage or benefit payments in return for a voice in management...
...Chrysler continued to proclaim in press conferences and full-page newspaper ads the disaster that would sweep the nation and the auto industry if the U.S.'s tenth largest industrial corporation went bankrupt, the consequences of a Chrysler failure came under closer scrutiny. Some 200,000 U.S. firms declare bankruptcy annually, and the right to fail is as much a part of the capitalist system as the right to succeed. Bankruptcy is the free system's harsh but necessary means of purging companies that, through bad luck or bad management, fail to win enough customers in the marketplace...