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Old 01-05-09   #1
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Chrysler is bankrupt






Chrysler to file for bankruptcy

Chrysler, the company that makes Dodge, Jeep and Chrysler vehicles, was set to file for bankruptcy after some of its creditors refused to accept Treasury Department proposals to reduce the company’s $6.9 billion in secured debt. Chrysler is the smallest of the Big Three US automakers.

Later, President Barack Obama announced a merger between Chrysler and Italy’s Fiat which he said has “a strong chance of success” as the stricken US auto giant heads into bankruptcy. A bankruptcy does not mean the company will shut down.

In a so-called Chapter 11 bankruptcy, a reorganisation plan is presented to a judge, who must approve it. The judge decides how much the company will pay creditors.
Chrysler, founded by Walter Chrysler on June 6, 1925, was once known for engineering innovations. Between 1998 and 2007 the company went through a merger with Germany’s Daimler.

Incidentally, till well into his presidential campaign, Obama used to drive a big, fast and fuel-guzzling Chrysler 300C. It was later replaced by a politically correct Ford Escape Hybrid sports utility vehicle.





Chrysler to file for bankruptcy- Hindustan Times
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Old 01-05-09   #2
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Re: Chrysler is bankrupt

Finally.
Thank god, one money $ucker is gone. It's a shame to see good brands get taken under by a stupid parent company but I guess that's the price of stagnation and mismanagement
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Old 01-05-09   #3
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Re: Chrysler is bankrupt

Man i am gonna miss Dodge... the Charger... the Viper....
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Old 01-05-09   #4
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Re: Chrysler is bankrupt

So its not just Nvidia-Ati taking a beating out of the recession.
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Old 01-05-09   #5
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Re: Chrysler is bankrupt

Every company is facing the recession heat, but I sincerely wished against all odds that Chrysler would get out of this mess. same for other big companies. GOD when is this gonna end. I am myself hurt by the stock crash and thus.....
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Old 01-05-09   #6
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Re: Chrysler is bankrupt

^^ Its not just recession ... most of the US auto makers didnt move forward ... they just kept making bigger engines that consume more fuel and deliver nothing. Now people aren't stupid that they'd buy fuel guzzlers when they can buy better cars for lesser money ... Any clue why ANY of the japanese car makers haven't filed for anything ?
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Old 01-05-09   #7
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Re: Chrysler is bankrupt

^Exactly. The big three thought they still had a market. Obviously the people buying the munster fuel munchers were few and far between.
What's going to happen to the Challenger, I wonder? Would be a shame if they stopped selling that car this close to a full-blown revival.
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Old 01-05-09   #8
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Re: Chrysler is bankrupt

But the Japanese car makers are also facing the brunt, Toyota saw a net loss after 67 years..it does tell me that the world is in deep sh1t and something needs to be set right. Honda withdrew from F1 and various other Japanese companies are also in thick mess. so the point that the US carmakers did something wrong in their vehicle planning is right but still I don't want them to go down...there are many things dependent on each other so if a company goes down then even Indian company like Sundaram fasteners also faces the music..its a ripple effect. like a pack of dominoes.
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Old 01-05-09   #9
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Re: Chrysler is bankrupt

Dodge viper - one of the few cars i liked
I hope the company will be alright under FIAT's administration.
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Re: Chrysler is bankrupt

Yeah but the Japanese companies didn't ask for $4Bln and then file for bankruptcy.
The American companies were on a life support and they KNEW it would take a radical shift in direction to get them back on track but what do they do?
Build the same BS all over again - bigger, badder, hungrier cars. I say good riddance for now. Hopefully they can bounce back under new/better management.
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Re: Chrysler is bankrupt

Originally Posted by MaxAxe View Post
^^ Its not just recession ... most of the US auto makers didnt move forward ... they just kept making bigger engines that consume more fuel and deliver nothing. Now people aren't stupid that they'd buy fuel guzzlers when they can buy better cars for lesser money ... Any clue why ANY of the japanese car makers haven't filed for anything ?
exactly... this is the reason why, when toyota launched the corolla in america in the 70s, it failed, because the Americans were used to giant V8s burbling along on the highways, giving like 4-6kmpl. The toyota was light, efficient, and was driven to death with overheating and engine seizures . But then the Oil crisis hit, and suddenly everyone was looking for a fuel efficient vehicle.. And toyota made a comeback there.

I remember posting in someone's buying a diesel car thread, that the americans engineered their cars well, but they were overweight ( always) and they had massive more than needed engines. ( i cant think of a lightweight sports car to come from america barring the AC cobra but then thats also shelby and the british, a Lotus elise??? ) Nope, they were always muscle.. and the current breed is no different. The Honda s2000 did so well for the same reason, 250 bhp, 2000cc, it will still return a mileage of 12 kmpl and blow your socks off.

Americans manufacturers need to start reverse engineering jap products, if they dont want the japs beating them on their home turf ( which has already happened, btw anyone read "rising sun" ?? )

Originally Posted by ManISinJpr View Post
But the Japanese car makers are also facing the brunt, Toyota saw a net loss after 67 years..it does tell me that the world is in deep sh1t and something needs to be set right. Honda withdrew from F1 and various other Japanese companies are also in thick mess. so the point that the US carmakers did something wrong in their vehicle planning is right but still I don't want them to go down...there are many things dependent on each other so if a company goes down then even Indian company like Sundaram fasteners also faces the music..its a ripple effect. like a pack of dominoes.

You mean like a house of cards??? lol , no you are right.. when our industry is so reliant on them, it will have consequences here as well...
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Re: Chrysler is bankrupt

^^ imaging seeing Jeep or other cars with the wonder 1.3 ltr engine from Fiat
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Old 01-05-09   #13
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Re: Chrysler is bankrupt

^^ No I mean the dominoes only, they fall way faster and synchronized than the cards.
Yes the industry needs to come forward and do something good and efficient to counter this crisis. Considering that people are so enthusiastic about Japan, I want to state that Japs have been in a very vicious cycle where there is no growth whatsoever and their stock market recently went to the levels of 23 years back. they have their own problems which are insurmountable to say the least...
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Old 01-05-09   #14
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Re: Chrysler is bankrupt

LOL, It is not that the EU companies are not facing the brunt or are not getting the support from the govt, they are too but they operate on a different scale. not to forget that Chrysler was in partnership with a gaint of EU till some time back...and even that didn't help it.


Originally Posted by MaxAxe View Post
^^ imaging seeing Jeep or other cars with the wonder 1.3 ltr engine from Fiat
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Re: Chrysler is bankrupt

^^ But their vested interests worldwide and the amount of money they are making is mind blasting!! Even if their internal economy goes down, the amount of business they generate is tremendous!!

Honda, Suzuki, Kawasaki, Yamaha - the big 4

Honda, Suzuki, Toyota, Mitsubishi, Nissan, and i cant think of anymore... these are the names for cars!

You have the big three in US,

audi(VW)/bmw/Fiat/mercedes in europe, which cater to a market of their own. But The japs sell everywhere!!

How many foreign manufacturers other than maybe BMW/Merc Sell in japan???
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