Word: debt
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...sharp-spoken Wall Street dealmaker, laid out Obama's unappealing options. Chrysler could be scrapped for parts through an unstructured bankruptcy. Or the task force could try to make the Fiat proposal work, using the leverage of bankruptcy to force concessions and the Treasury's wallet to refinance the debt and recapitalize operations as debtor in possession. Some task-force members argued that, painful as it would be, liquidating Chrysler would strengthen the survivors - GM and Ford...
...March 26, Obama convened the task force in the Roosevelt Room. By then, as Rattner explained to the President, a commercially sound plan for a stand-alone Chrysler was out of the question; it was deeply in debt, bleeding money and saddled with unpopular products. Of the 20 best-selling vehicles in the U.S. in 2008, only one, the Dodge Ram pickup, was made by Chrysler - compared with five for GM and four for Ford. A venerable European carmaker, Daimler, had already tried and failed to revive Chrysler. Its current owner, the private-equity fund Cerberus, had spent months...
...streamlining production, coordinating design, improving quality - there was a chance the company might have saved itself in a better economy. But with American vehicle sales dropping from 16 million in 2007 to a projected 9 million or 10 million this year, GM had no hope of servicing its massive debt. (See the 12 most important cars of all time...
...Chrysler bondholders tried to resist but were overwhelmed by the megabanks that held most of the secured debt. Having taken billions in bank bailout money, they were in no position to irritate the Treasury Department. GM's debt is more widely dispersed, however, which makes it harder to muscle a settlement. To avoid a morass in court, the task force agreed at the 11th hour to fully repay GM's secured lenders, using stock in the reorganized company...
...spiritual beliefs or practices that may be involved. The first time that happened, in 1978, a Paris court found Scientology founder L. Ron Hubbard guilty of vulgar fraud. In 1997, a Lyon court convicted five Scientology officials of similar charges, which were linked to the suicide of a debt-ridden church member. That verdict came with fines and a suspended prison sentence...