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Word: chryslers (lookup in dictionary) (lookup stats)
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...event of a bankruptcy-filing down the road, Treasury (i.e., taxpayers) will stand behind senior secured lenders, getting first claim on the automakers' unencumbered assets, those not already pledged to a prior lender. GM says it has such assets - power trains, some foreign operations - and Chrysler says it has assets to secure the loans as well. As with other TARP assists, the government will also receive warrants that (theoretically, at least) could...

Author: /time Magazine | Title: Bush's Rescue Plan for Detroit: Passing the Buck | 12/19/2008 | See Source »

Read about GM's, Ford's and Chrysler's bailout plans...

Author: /time Magazine | Title: Bush's Rescue Plan for Detroit: Passing the Buck | 12/19/2008 | See Source »

...automakers. It's been a tense week, and not just for Detroit's CEOs. In recent days employees of the Big Three in Detroit have been going about their jobs as a life and death debate waged in Washington. Just this week, executives from General Motors Corp., Chrysler LLC and Ford Motor were offering reporters sneak previews of vehicles due out in 2009 and 2010 despite huge uncertainty surrounding their future. "We've got to stay focused on what we do," notes Ed Welburn, GM vice president of design, who says his designers have no choice but to keep...

Author: /time Magazine | Title: The Reaction in Detroit: A Sigh of Relief | 12/19/2008 | See Source »

...Nardelli, chief executive officer of beleaguered Chrysler, which was forced to close all of its manufacturing plants for next month, thanked the White House and Treasury for their "confidence" in Chrysler. "A letter of intent was signed which outlines the specific requirements," he said, adding that "Chrysler is committed to meeting these...

Author: /time Magazine | Title: The Reaction in Detroit: A Sigh of Relief | 12/19/2008 | See Source »

...problem the incoming Obama administration will face is an uptick in union militancy. Blue-collar workers went into December fearing GM and Chrysler might collapse but left angry that Republican demands for wage concessions came at a time when bankers were using federal bailout money for bonuses. "I don't make $74 per hour," says Bryan Larkin, who is employed at GM's truck plant in Pontiac, Mich...

Author: /time Magazine | Title: The Reaction in Detroit: A Sigh of Relief | 12/19/2008 | See Source »

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