Thursday, April 30, 2009

Chrysler Chapter 11 Case Assigned To Judge Arthur Gonzalez

Update 2: Top unsecured creditors include:
  • Ohio Module Manufacturing - $70.3 million
  • BBDO Detroit -$58.1 million
  • Johnson Controls - $50.3 million
  • Continental Automotive - $47 million
  • Cummins Engine - $43.9 million
  • Germersheim Spare Parts - $36.2 million

Update 1:
Chrysler says will produce Plan of Reorganization by August 28. Uhm, my math is rusty but that is a little longer than 60 days.

Developing Story
. Gonzalez previously worked on Enron and WorldCom (here is a list of the judge's opinions)

Corinne Ball of Jones Day will legally represent the company in bankruptcy.

Some more updates as I try to track down Chrysler's bankruptcy case # in SNY (reader input welcome).

- Treasury to get 8% of equity in new Chrysler
- VEBA to get 55% of equity
- Daimler agrees to give up 19% equity in Chrysler
- Cerberus forfeits equity in the company and will waive its share of Chrysler's 2nd lien
- In February Chrysler told U.S. it had $51.4 billion in assets

Here is the administration's just issued statement on Chrysler:

Also conference call to be held to discuss the filing:
On Thursday, April 30 at 2 p.m. (EDT), Bob Nardelli, Chairman and Chief Executive Officer, Chrysler LLC and Chrysler Office of the Chairman Members will hold a media conference call to address the state of the company in response to President Barack Obama's news conference.


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International Toll Number: +1-773-756-0415

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