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April 30, 2009

Chrysler Files for Bankruptcy to Seal Fiat Accord

Filed under: auto,Chrysler — 7macaw @ 10:36 am
Tags: ,

Chrysler LLC, the automaker that survived a near-death experience in 1979, filed today for bankruptcy protection to streamline operations and shed debt in a reorganization that includes Italy’s Fiat SpA as a partner.

“Bankruptcy could do a lot of good for Chrysler” by allowing it to “shrink down to the size it needs” quickly, said Stephen Lubben, who teaches bankruptcy-law at Seton Hall University School of Law in Newark, New Jersey.

Source: Bloomberg

January 25, 2009

Chrysler jobs bank ends Monday

The controversial jobs bank — a program that allowed UAW workers to receive pay while not working — ends Monday at Chrysler, the union has told its members.

Chrysler told employees in a letter Friday that workers now in the jobs bank would be placed on “enhanced layoff,” effective Monday, until a final agreement has been reached with the UAW.

Source: Detroit Free Press

November 20, 2008

Big Three auto CEOs flew private jets to ask for taxpayer money

According to CNN: “Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money. There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they’re going to be trimming down and streamlining their businesses,” Rep. Gary Ackerman, D-New York, told the chief executive officers of Ford, Chrysler and General Motors at a hearing of the House Financial Services Committee.”

According to CNN: “The downfall of one of the Big Three could cost as many as 3 million jobs and $60 billion in the first year, report says.

According to LayOffBlog: “WTF?

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