The idea is to get through this restructuring quickly. Click here for a company timeline. Unlike GM and Ford which are traded on the stock market, Chrysler is a private company run by privately held Cerberus Capital Management. Cerberus is a huge company with its fingers in many pies.
A deal is in the works for Fiat to buy at least a third of Chrysler. Chrysler has tried many partnerships, as The Detroit News points out, Fiat is just the latest:.
Keep an open mind? OK, but this looks more like transatlantic opportunism than a marriage made in heaven. BusinessWeek said that if the Chrysler and Fiat merger goes through:. The two companies are also reviewing the Chrysler brand and trying to figure out if they should keep it. No decision has been made on Chrysler, but a source close to the plans said that the brand is on the block. The Kansas City Star explains in an op-ed:. Yes, very close. In , the company got a federal bailout, which it repaid with help from its development of the K-Car, stronger warranties and the advent of the mini-van.
Fairly new president Rashida Jones has a lot to figure out in the coming weeks and months. Plus, a breakdown of the latest inflation numbers and what they mean for consumers, honoring veterans today, and more.
Stahl received the Poynter Medal for Lifetime Achievement in Journalism for her work serving democracy. Celebrate journalism: Get tickets. But he expressed optimism that Chrysler, which makes brands including Jeep and Dodge, could be restructured through a bankruptcy filing: "This is not a sign of weakness, but rather one more step on a clearly charted path towards revival.
Chrysler employs 54, people, but tens of thousands more work for parts companies and in motor dealerships that depend on the firm for business. About , retired Chrysler workers depend on the company for healthcare and benefits. Chrysler's chief executive, Robert Nardelli, described bankruptcy as a "bittersweet moment", but insisted that a filing for chapter 11 protection would ultimately "breathe new life" into the company.
Further money will come from the Canadian government. Although the US government says it will stand behind Chrysler warranties, analysts fear that a stigma attached to bankruptcy will deter car buyers. The government has to think carefully about how long they can bleed Chrysler out. The Italian manufacturer has committed to build a car at Chrysler's factories and to share distribution networks.
While an administration official promised there will be no immediate job cuts for the company's 39, employees or plant closings, Chrysler announced that most manufacturing operations will be temporarily shut down on Monday, May 4. Normal production is not due to resume until the transaction with Fiat is completed. But some Chrysler plants, including truck assembly and stamping plants in Warren, Mich.
Following the bankruptcy filing, some suppliers worried about being paid stopped shipping parts to the plants. I would like to keep working. Hopefully we'll come through stronger. Chrysler President Tom LaSorda would not say how many plants would shut down early or how many suppliers had cut off shipments on the bankruptcy news. The employees whose jobs may be most immediately in danger are the 3, workers of Chrysler Financial, which provides loans to Chrysler customers and its dealers.
That unit is essentially going out of business. Some of the , employees at Chrysler's network of dealers could also be at risk. Chrysler CEO Robert Nardelli said that the reduction in the network of 3, dealers would not be a "catastrophic" but that it would be "noticeable. Nardelli, who joined Chrysler two years ago, will leave after Chrysler emerges from bankruptcy and completes the alliance with Fiat.
Fiat will be calling more of the shots after the combination as the deal calls for it to provide "management services" to Chrysler. A successor for Nardelli will be named by the new Chrysler board of directors, which will have four members named by the Treasury Department, three named by Fiat, and one each by the UAW and the Canadian government.
Once the deal closes, Fiat will examine the cost structure of Chrysler to find additional savings. Fiat has promised to use Chrysler's existing plants to build the small cars it now sells in Europe for the U. But the troubled year old automaker was able to avoid liquidation thanks to the deal with Fiat, concessions from the United Auto Workers union and agreements by major lenders to cut Chrysler's debt.
The UAW announced late Wednesday night that its membership at Chrysler had overwhelmingly ratified the agreement reached between the company and union leadership on Sunday night.
The U.
0コメント