Word: chryslers
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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...
...become commonplace in the region. "Every day you could open the newspaper and read about new mega-projects worth billions of dollars," says Nazem Al Kudsi, the chief executive officer for Abu Dhabi Investment Co., which is part of a sovereign wealth fund that recently bought New York's Chrysler building. "Today, there are not as many projects in the system...
...emeritus of Timmons and Company, a small but influential lobbying firm he founded in 1975 shortly after leaving the White House. According to Senate records, he registered to lobby in 2008 for a wide range of companies and trade groups, including the American Petroleum Institute, the American Medical Association, Chrysler, Freddie Mac, Visa USA and Anheuser-Busch...
...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...
...also voted for the Energy Bill approved by Congress and signed by President George W. Bush in December that included language paving the way for the loan guarantees. "We are encouraging Congress to take this up now," says John Bozzella, vice president of external affairs and public policy for Chrysler. Auto company spokespeople insist that they're not asking for a bailout. "These are direct loans that we have to pay back," explains Ford spokesman Mike Moran. "Direct loans to automakers and suppliers will support American workers and strengthen the future of U.S. manufacturing and the economy. Borrowing capital...