( – promoted by buhdydharma )
Chrysler is filing for Chapter 11 bankruptcy today on the heels of a failure to secure a deal to restructure debt in negotiations with bondholders, Reuters reports this morning:
The Chapter 11 filing, which sources said would be done in U.S. Bankruptcy Court in Manhattan, will send shockwaves through the entire auto industry — including Chrysler’s rivals, suppliers, dealers and the many hundreds of thousands who rely on the industry for their livelihoods.
A statement from President Barack Obama on Chrysler’s situation and the auto industry is scheduled for noon EDT.
…
In a bid to win over three fund firms that had spurned an offer to accept $2 billion in cash in exchange for writing off all of Chrysler’s $6.9 billion in secured debt, U.S. officials sweetened the terms by throwing in another $250 million, people familiar with those discussions said.About 45 financial institutions hold Chrysler’s secured debt.
…
On Wednesday, Obama said concessions by Chrysler’s unions and its major bank lenders had made him more hopeful than a month ago that the struggling automaker could be made viable.
Chrysler would be 85 years old in 2010. In 1928, three years after the company was founded, construction began on the Chrysler Building, a Manhattan landmark and for a time the tallest building in the world. It was the world’s tallest building for 11 months before it was surpassed by the Empire State Building in 1931.
The Chrysler Building is a classic example of Art Deco architecture and considered by many contemporary architects to be one of the finest buildings in New York City. In 2007, it was ranked ninth on the List of America’s Favorite Architecture by the American Institute of Architects. (wikipedia)
8 comments
Skip to comment form
Author
we know exactly what you know about what is going on. I went to an economic forecast luncheon at which two U of M economist spoke. MI is in the shitter for years to come, but apparently, so is everyone else. According to them, US unemployment is going to continue to rise for the next two years. Job loss is going to continue and isn’t going to get any better. While they have “hope” for “emerging” sector somewhere in the future, it is too small and fledging to employ the millions being displaced. Growing industry and occupations are all medical and based on aging/dying baby boomers. After we’re gone, there’s nothing left except, “would you like fries with that?” One can sell EFCA union fries and compete for employment to boot with every unemployed and starving citizen, other legal, illegal in the country.