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09 Jan 2012 11:18

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Biz: Auto industry recovery: Detroit Auto Show reflects a reversal of fortunes

  • 4-9% expected increase in U.S. auto sales in 2012 source
  • » Pulling out the big guns: This week’s Detroit Auto Show is a giant coming-out party for an auto industry that was struggling to keep the engine running just a couple of years ago. But, while those times are certainly not gone entirely, they’ve certainly improved in recent years, which reflects in the boldness of this year’s models. In fact Chrysler, the weakest of the the three auto companies, is actually looking like a bright spot for Fiat, whose Chief Executive, Sergio Marchionne, invested in the company at its weakest point. “He entered Chrysler at rock bottom and will now capitalize on a U.S. recovery — the timing was perfect,” said automotive analyst Philippe Barrier. But maybe you’re like us and you don’t care about the specifics of the recovery and just want to see cool new cars. Well, the Detroit Free Press has you covered.
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10 Jun 2009 10:41

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Biz: Legal issues pushed aside, Chrysler and Fiat tie the knot

  • Last night, the Supreme Court pushed the biggest obstacle out of the way for the merger of the century … well, until GM has to do something similar. source
  • This morning, Fiat officially owns 20% of Chrysler, a share that could go up to 35% if it goes well. The UAW owns the biggest share, however, at 55%. source
  • Fiat CEO Sergio Marchionne sounds upbeat about the sale: “This is a very significant day … for the global automotive industry as a whole,” he said. source
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09 Jun 2009 21:37

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Biz, U.S.: SCOTUS uses super-tight language to allow the Chrysler sale

  • Our assessment of the stay factors here is based on the record and proceedings in this case alone.
  • Supreme Court Justice Ruth Bader Ginsburg • In her four-paragraph decision in “Indiana State Police Pension Trust v. Chrysler LLC,” which was the main roadblock in the way of the Chrysler-Fiat sale. Why the wording? It’s likely they didn’t want to set a standard for any sort of GM sale. The decision, by the way, hinged on whether Chrysler was being discriminatory towards the pension program in its actions, which it wasn’t. Everyone’s getting screwed the same way. • source
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08 Jun 2009 17:03

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Biz, U.S.: The Supreme Court blocks the Chrysler/Fiat sale. Whoa!

  • Wow. That was unexpected. The one thing that could stop the Chrysler/Fiat sale just happened. Justice Ruth Bader Ginsburg delayed the sale “pending further order.” Three Indiana state pension and construction funds were among the foremost opponents of the sale, which they felt left them financially out of the loop. The final sale, which the bankrupt company was counting on, could be delayed for weeks while the court makes a decision. Stay tuned to this Spidey-station. source
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07 Jun 2009 10:20

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Biz, U.S.: People are playing pile-up with Chrysler to stop the Fiat sale

  • “Issue a stay … please!” The Indiana pension fund group that holds a minority stake in Chrysler appealed to the high court to prevent the sale, on grounds that the sale is unconstitutional in that the rights of junior creditors are being placed above senior lenders. They also say the U.S. Treasury Department has overstepped its bounds with the sale. source
  • “Issue a stay … please!” The Indiana pension fund group that holds a minority stake in Chrysler appealed to the high court to prevent the sale, on grounds that the sale is unconstitutional in that the rights of junior creditors are being placed above senior lenders. They also say the U.S. Treasury Department has overstepped its bounds with the sale.
  • Other pitfalls Beyond that, consumer groups also attempted to block the deal, moving through the judicial system so quickly that it hasn’t been committed to paper, because it would shield the new company from lawsuits and other problems with current Chrysler vehicles. The Supreme Court has the ball in their hands now. source
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01 Jun 2009 08:31

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Biz, U.S.: Big auto news #1: Judge approves Chrysler’s Fiat sale

  • A speedy bankruptcy Chrysler, which has been trying to breeze through its bankruptcy as quickly as possible so it doesn’t lose its value in the meantime, got federal bankruptcy Judge Arthur Gonzalez to approve the sale of most assets to Fiat. source
  • A speedy bankruptcy Chrysler, which has been trying to breeze through its bankruptcy as quickly as possible so it doesn’t lose its value in the meantime, got federal bankruptcy Judge Arthur Gonzalez to approve the sale of most assets to Fiat.
  • A needed merger In case you’re wondering why this sale happened so quickly, it’s because the Obama administration is putting its muscle behind it. They made it the centerpiece of the automotive task force’s recommended reconstruction plan. source
  • A speedy bankruptcy Chrysler, which has been trying to breeze through its bankruptcy as quickly as possible so it doesn’t lose its value in the meantime, got federal bankruptcy Judge Arthur Gonzalez to approve the sale of most assets to Fiat.
  • A needed merger In case you’re wondering why this sale happened so quickly, it’s because the Obama administration is putting its muscle behind it. They made it the centerpiece of the automotive task force’s recommended reconstruction plan.
  • Sticking points Not everyone’s behind this merger – among the scorned lovers include a number of auto dealerships about to lose their franchises, some pension funds in Indiana with a $42.5 million stake, suppliers and ex-employees. source
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27 May 2009 22:47

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Biz: Who will own the new Chrysler when it’s ready to go?

  • Chrysler will be largely employee-owned, with a retiree-owned trust getting 55% of the new company. source
  • The company whose initials stand for “fix it again, Tony” will own 20%, and could have 35% over time. source
  • Finally, taxpayers from the U.S. and Canada will be happy to know that they own a minority stake in Chrysler. source
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15 Apr 2009 09:36

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Biz: Fiat still isn’t afraid of backing out on the Chrysler deal

  • If unions don’t accept cuts, they may cut out. Fiat is Chrysler’s main hope for survival right now, and they know this, but they still aren’t afraid of playing hardball. If unions don’t want to take cuts, said CEO Sergio Marchionne, “Absolutely we are prepared to walk.” The unions may not have much of a choice, if option B is the dissolution of Chrysler. source
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20 Jan 2009 08:21

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Biz: Chrysler gets an infusion of foreign blood

  • 35% Fiat’s newly agreed-upon stake in Chrysler source
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19 Jan 2009 15:29

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Biz: Fix it again, Chrysler: Fiat could be their new suitor

  • Fiat to buy stake in Chrysler? Chrysler’s under the gun after getting $4 billion from the auto industry bailout, so it’s looking for some outside help. It needs to come up with a plan to stay alive to show to the U.S. government by March 31. Enter Fiat, the Italian car manufacturer with a long history of foreign interests. source
  • Fiat to buy stake in Chrysler? Chrysler’s under the gun after getting $4 billion from the auto industry bailout, so it’s looking for some outside help. It needs to come up with a plan to stay alive to show to the U.S. government by March 31. Enter Fiat, the Italian car manufacturer with a long history of foreign interests.
  • Scratching each other’s backs Fiat at the very least would offer some help to Chrysler. Both would benefit from the deal. Chrysler gets access to Fiat’s experience in building efficient small-to-medium-size cars; Fiat gets a foothold in the American market to introduce some of its vehicles to the States. Win-win, right? source
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