mac

White collar employees will be placed on unpaid furlough.

JJMPB

last one out the door please shut off the lights

Raydar

Ummm... what?

No. It's chapter 11.
Nothing is being liquidated.
It just declares all existing contracts null and void.

The bankruptcy court will determine at what percentage the creditors (I believe that bondholders were the holdouts in this case) will be paid.
As I understand it, there were only 4 bondholders who refused to renegotiate. I believe the courts will allow the others to live with the concessions they made before the filing. Will possibly tell the 4 holdouts to go and pound sand.
(It has even been speculated that the holdouts were also bondholders in Ford and GM. They had a vested interest in Chrysler tanking. It's all about the almighty dollar. Screw everybody else.)

BLK 6050

This could still be bad news for the future of the Challenger if vendors feel that they will not be paid for parts they deliver.....could end production in a worst case circumstance. I guess we will all have to wait and see how it all plays out....

RoswellGrey

But, Joe, it well could be GOOD news for the future of those of us who have Challengers. It should ensure a continued supply of parts.

lear4406

I just wish they would have done it sooner and left the Gov. out of this whole deal. Unless they can dump the Union???? Its been made to be very complicated and GM will follow.

AF Pilot

Can't dump the union...the UAW now owns 55 percent of Chrysler....it will be very interesting to see how this pans out. The union is what brought the Big Three to their knees with crushing pension/wages and health care.....NOW THEY OWN IT!!! I bet their view changes real quick now that their money is on the line.....FIAT will also get something like a 20 percent stake and the all-knowing Federal Gov't will own the rest. Something about the feds owning part of a private business that scares me. Chrysler Financial is now being force-taken over at the direction of the government by GMAC.....Government Motors and Chrysler owned by the government.....what is next?? 5 Year Quotas?

lear4406

Be afraid... be very afraid. United Socialist States is the direction we are headed. I think the Union owning 55% is an oxymoron or just moronic. That will be a total contradiction of itself. Can you say impload. This will be interesting in a morbid way.

BLK 6050

Our Glorious and All Mightily President has made it quite clear that he supports the Unions (after all they helped get him in office). They are trying or may already have passed a bill stating that if you want a government contact….your shop must be Union.
Doesn’t sound like fair and open competition or even much of a democratic way to award contacts to me. Look out because the Unions will be making a big comeback under this President. Union shops have, for the most part never been that efficient as they are self-severing. It will be interesting to see if they find some of their “pervious operating processes” to be less attractive once “they” are running the show.

I feel the need to go for a drive in my Challenger with the windows up and the oldies playing……

Raydar

Okay...
The announcement was made that Chrysler was going to shut down all of its US production for the duration of the Chapter 11. (I didn't get that, at first. My bad.)
Present "guess" is 30-60 days.

Does that shutdown include the Brampton plant, since it's technically not in the US?