Chrysler to file for bankruptcy

devani
devani Posts: 1,497
edited May 2009 in The Clubhouse
Chrysler LLC will file for Chapter 11 bankruptcy on Thursday after talks to restructure its debt with bondholders collapsed, a U.S. government official said.

well it's finally happening...:eek:
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  • venomclan
    venomclan Posts: 2,467
    edited April 2009
    Bout time.
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  • POIDOG
    POIDOG Posts: 391
    edited April 2009
    I'm still paying on my Jeep, does that mean....? :D
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  • venomclan
    venomclan Posts: 2,467
    edited April 2009
    POIDOG wrote: »
    I'm still paying on my Jeep, does that mean....? :D

    It means you will continue to pay it. :eek:
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  • disneyjoe7
    disneyjoe7 Posts: 11,435
    edited April 2009
    POIDOG wrote: »
    I'm still paying on my Jeep, does that mean....? :D


    Means you need to double up, send 2 payments for 1 payment. You don't get your loan paid off any sooner, but you're just paying for it twice. ;)

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  • Roy Munson
    Roy Munson Posts: 886
    edited April 2009
    Yeah, this is great...now Chrysler will have it's debt absorbed by the people they owe money to and in effect they will bear the brunt of Chrysler's failure! Chrysler gets 8 billion in government bailout money and their suppliers and creditors get what ever a bankruptcy judge decides...which probably means they will most likely get screwed!
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  • POIDOG
    POIDOG Posts: 391
    edited April 2009
    venomclan wrote: »
    It means you will continue to pay it. :eek:

    I knew that, bailouts for the rich only, just trying to be funny!:)

    But on the other hand! :p
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  • devani
    devani Posts: 1,497
    edited April 2009
    your jeep is made by a company that no longer exists....technically...
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  • venomclan
    venomclan Posts: 2,467
    edited April 2009
    Whatever happans in the long run, the JEEP brand will always exist, it will just change owners.
    Venom
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  • Danny Tse
    Danny Tse Posts: 5,206
    edited April 2009
    What happened to the Lifetime Powertrain Warranty?
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  • bobman1235
    bobman1235 Posts: 10,822
    edited April 2009
    devani wrote: »
    your jeep is made by a company that no longer exists....technically...

    Filing bankruptcy doesn't mean the company doesn't exist. Companies do recover from bankruptcy.

    From the SEC website :
    A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
    If you will it, dude, it is no dream.
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  • devani
    devani Posts: 1,497
    edited April 2009
    yes, company will be there but the owners have changed....and companies do recover from bankruptcy....
    yes, they will continue to run daily business operations.....

    meaning same car sold before and after
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  • tonyb
    tonyb Posts: 32,952
    edited April 2009
    Maybe not the same after current inventories are depleted.Obama wants to see Fiat cars with a Chrysler badge on it.More fuel efficient don't ya know.Thing is,I'm still confused as to how these small cars like the Smart car,passed the crash safety tests,that were so stringent for american car companies and one of the reason's Fiat left our shores to begin with.
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  • mhardy6647
    mhardy6647 Posts: 33,711
    edited April 2009
    venomclan wrote: »
    Whatever happans in the long run, the JEEP brand will always exist, it will just change owners.
    Venom

    It's done that before. Our 1984 "Wagoneer" (a Cherokee with upgraded trim and gee-gaws) was made by American Motors and proudly bore that stylized "A" embossed on the structural foam dashboard. It also had the GM cast iron 2.5L 4-cylinder and a five speed and could barely move out of its own way. It was pretty good in the snow, though.

    It rusted away.
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  • Marty913
    Marty913 Posts: 760
    edited April 2009
    tonyb wrote: »
    Maybe not the same after current inventories are depleted.Obama wants to see Fiat cars with a Chrysler badge on it.More fuel efficient don't ya know.Thing is,I'm still confused as to how these small cars like the Smart car,passed the crash safety tests,that were so stringent for american car companies and one of the reason's Fiat left our shores to begin with.

    My guess is that it will emerge with a few less models (like the GM plan) although the truck line & Jeep will survive except for maybe the Patriot & Compass. Fiat is really buying the 3,200 dealer network and will no doubt introduce a few models modified for the American market. Chrysler doesn't have a lot of "economy" models so it may be a good match.
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  • MrNightly
    MrNightly Posts: 3,370
    edited April 2009
    Isn't Chapter 11 better then Chapter 13? Chapter 11 just means maybe they will come back without the union? If that is the case, they will be much stronger afterwards.

    I heard something the other day about Toyota making 250MM in sales and 30MM in profits (my memory Figures are off i'm sure) but GM making 250MM in sales and -50MM in profit! Toyota doesn't use union laborers, even though just as many are built in the USA.

    Hmmmm....
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  • markmarc
    markmarc Posts: 2,309
    edited April 2009
    No matter what happens, some people are going to get screwed. On the plus side, tens of thousands will still have private sector jobs, rather than waiting for some new jobs program run by the gov't that will only create a temporary solution. Not to mention the enormous costs of the gov't having to cover the retirement and health benefits to the tune of several tens of billions had Chrysler collapsed altogether.
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  • wz2p7j
    wz2p7j Posts: 840
    edited April 2009
    MrNightly wrote: »
    Isn't Chapter 11 better then Chapter 13? Chapter 11 just means maybe they will come back without the union? If that is the case, they will be much stronger afterwards.

    I heard something the other day about Toyota making 250MM in sales and 30MM in profits (my memory Figures are off i'm sure) but GM making 250MM in sales and -50MM in profit! Toyota doesn't use union laborers, even though just as many are built in the USA.

    Hmmmm....

    Chapter 13 is personal bankruptcy, has nothing to do with corporate or company filings. Chapter 7 is liquidation and applies to corps and companies and such. Chris
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  • shack
    shack Posts: 11,154
    edited April 2009
    wz2p7j wrote:
    Chapter 7 is liquidation and applies to corps and companies and such.

    And individuals as well.
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  • schwarcw
    schwarcw Posts: 7,335
    edited April 2009
    Higher taxes are on the way!
    Carl

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  • LessisNevermore
    LessisNevermore Posts: 1,519
    edited April 2009
    MrNightly wrote: »
    Toyota doesn't use union laborers, even though just as many are built in the USA.

    Hmmmm....


    The Tacoma "truck" and Corolla are UAW built.
    http://www.uaw.org/uawmade/auto/2009/index.cfm


    Built here is not the point.
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  • wizzy
    wizzy Posts: 867
    edited April 2009
    Here's a great article, explains how the Daimler deal had a massive impact on Chrysler ... not the UAW

    http://www.autonews.com/article/20090430/ANA02/904299953
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  • Hillbilly61
    Hillbilly61 Posts: 702
    edited April 2009
    What I heard today is that they doing this is to unload the unions. Don't get me wrong, I like unions and believe that unions are valuable. To stay competitive as a finanicial entity, the unions would not play ball with Chrysler. To wit, the union agreements are off if Chrysler declares Chapter 11. So much for the UAW being pragmatic and putting their members overall interests forward... like keeping their members employed.
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  • 4406bbl
    4406bbl Posts: 194
    edited April 2009
    I am just glad someone told Nobama to shove it for a change, his plan was to give the biggest investors 33 cents on the dollar, while the government got 100% back,and the uaw got 55% controlling intrest in the company. Would you agree to that if you owned the company? 30,000 workers,170,000 getting a pension, I wonder why they are in trouble,kind of like our soc security joke, at least now a judge will decide and the largest investors will be paid first,that is the law,and the right thihg to do.
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  • mantis
    mantis Posts: 17,186
    edited May 2009
    I think the world sucks. For the last 2 years this is all you hear about. Who the hell decides no one is making money anymore?
    Dan
    My personal quest is to save to world of bad audio, one thread at a time.
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  • schwarcw
    schwarcw Posts: 7,335
    edited May 2009
    mantis wrote: »
    Who the hell decides no one is making money anymore?

    Going forward, it will be the Socialist Democrats if Obama gets his way. The Democrat's patronage partner's will make a fortune. This is all a bonaza for the lawyers who will be paid by the Governement.
    Carl

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  • Barefoot
    Barefoot Posts: 149
    edited May 2009
    Great. I hope they liquidate. Terrible company with terrible products.
    schwarcw wrote: »
    Going forward, it will be the Socialist Democrats if Obama gets his way.

    Gee I thought it was the Facist Democrats. Or the **** Democrats. Or the Anti-American traitorous Democrats. You're not going soft on us are you? :rolleyes:
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  • Pablo
    Pablo Posts: 723
    edited May 2009
    Danny Tse wrote: »
    What happened to the Lifetime Powertrain Warranty?

    You missed the small print. The Lifetime Powertrain Warranty is for the life of the Powertrain. So once it fails, you are no longer covered!
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  • sucks2beme
    sucks2beme Posts: 5,601
    edited May 2009
    That's it. This is why we only use Ford trunks for our old file storage!
    "The legitimate powers of government extend to such acts only as are injurious to others. But it does me no injury for my neighbour to say there are twenty gods, or no god. It neither picks my pocket nor breaks my leg." --Thomas Jefferson
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  • POIDOG
    POIDOG Posts: 391
    edited May 2009
    4406bbl wrote: »
    I am just glad someone told Nobama to shove it for a change, his plan was to give the biggest investors 33 cents on the dollar, while the government got 100% back,and the uaw got 55% controlling intrest in the company. Would you agree to that if you owned the company? 30,000 workers,170,000 getting a pension, I wonder why they are in trouble,kind of like our soc security joke, at least now a judge will decide and the largest investors will be paid first,that is the law,and the right thihg to do.

    Exactly how I feel. Free Markets will survive when they use their power base to push back. Spending billions to bailout a company that is failing is lunacy.Obama and his crew can't always get there way. It's still a Democracy - isn't it? Although, the bailout at Christmas was the right thing to do IMO.
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  • Kex
    Kex Posts: 5,151
    edited May 2009
    I think we have had enough politics in this thread. No more politics, thank you: it completely ruins threads, and it's against the forum rules.
    Alea jacta est!
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