Tag Archives: automaker
New Group of Creditors Tries to Block Chrysler
Washington Post – The government-orchestrated sale of Chrysler to Italian carmaker Fiat is facing a fresh legal challenge from some of the American carmaker’s lenders, which are trying to take the fight to federal district court. Pension funds representing Indiana […]
In Chrysler Saga, Hedge Funds Cast As Prime Villain
President Obama’s harsh attack on hedge funds he blamed for forcing Chrysler into bankruptcy yesterday sparked cries of protest from the secretive financial firms that hold about $1 billion of the automaker’s debt. Hedge funds and investment managers were irate […]
GM warns it may be forced into bankruptcy
Reuters – General Motors Corp on Thursday said its auditors had raised "substantial doubt" about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash. The "going concern" warning from the struggling U.S. […]
Chrysler Talks Stall as Banks Balk at Trading Loans for Equity
Bloomberg – Chrysler LLC, needing lender concessions by March 31, isn’t negotiating with its banks because it can’t persuade them to discuss trading loans for uncertain equity, people familiar with the companies’ actions say. Chrysler must reduce its debt by […]
GMAC to Receive $6 Billion from Uncle Sam
New York (HedgeCo.Net) – GMAC LLC, the financing arm of struggling U.S. automaker GM, will receive $6 billion from the federal government. The deal entails the treasury purchasing $5 billion in senior preferred equity in the company, while providing GM […]
