Apr 30
Or, as President Obama puts it, “a new lease on life.” Chrysler (”a company with a particular claim on our American identity”) will file for Chapter 11 bankruptcy in Manhattan court today, as Obama has promised $3.5 billion in federal aid over the next 30 days in hopes of hitching the troubled automaker to Fiat. [...]
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HotRides: The best car / auto posts from around the web
The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks
Apr 30
Fiat’s explanation of its deal with Chrysler states that “Pending (the transactions) approval, the current Chrysler will continue its normal business operations and the US Treasury and the Canadian government will provide the company with financing in order to allow the performance of all its obligations towards the employees and to fund its on-going needs.” [...]
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HotRides: The best car / auto posts from around the web
The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks
Apr 30
Chrysler’s image in small car market was always weak vs. Honda/Toyota. Thankfully all that will change when they start selling…Fiats…
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HotRides: The best car / auto posts from around the web
The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks
Apr 30
And that’s why we’ll give Chrysler and Fiat 30 days to overcome these hurdles and reach a final agreement — and we will provide Chrysler with adequate capital to continue operating during that time. If they are able to come to a sound agreement that protects American taxpayers, we will consider lending up to $6 [...]
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The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks
Apr 30
SimpleViewer requires Macromedia Flash. Get Macromedia Flash. This is a WPSimpleViewerGallery var fo = new SWFObject(”http://www.saabhistory.com/blog/wp-content/plugins/wp-simpleviewer/viewer.swf”, “viewer”, “637″, “600″, “7″, “#FFFFFF”); fo.addVariable(”preloaderColor”, “0xffffff”); fo.addVariable(”xmlDataPath”, “http://www.saabhistory.com/blog/wp-content/photos/2009_SAAB_ROADSHOW_BELGIUM/gallery.xml”); fo.write(”fc_id_620″); Photo Credits:
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HotRides: The best car / auto posts from around the web
The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks
Apr 30
Automotive News [sub] reports that GM’s bondholders have turned down the firm’s debt for equity offer of 225 shares of “new” GM stock per $1K of debt. The deal, which would have given bondholders a ten percent stake in a partnership with the UAW (39 percent) and the Government (50 percent) and existing shareholders (1 [...]
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The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks
Apr 30
“Our ‘CC’ corporate credit rating on GM continues to reflect our opinion that there is a high likelihood that the company will undergo a distressed debt exchange (which we would consider tantamount to a default under our criteria) or file for bankruptcy protection toward the end of May or shortly thereafter.In our opinion, a bond [...]
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The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks
Apr 30
The rare Porsche 356B 1600 GS Carrera GTL Abarth will compete in Targa Tasmania in 2009, with lovers of the German marque eager to get their eyes on the car in competition.The car will be driven by one of the undisputed World experts on Porsche, Klaus Bischof, the manager of the Porsche Museum in Stuttgart, Germany.There were only 21 of the 1960 Porsche 356 GTs built, but they were used with great success in racing overseas. The lightweight and aerodynamically optimised version of the 356
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HotRides: The best car / auto posts from around the web
The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks
Apr 30
It doesn?t seem that long ago that General Motors was pouring billions of dollars into Cadillac. It was part of a bid to make Cadillac a world-class luxury car brand: a car company that might once again deserve to call itself ?standard of the world.? Now, with GM on the verge of bankruptcy, all signs point to a full scale retreat. Assuming GM pulls through, there is no reason to believe that the automaker will have the financial resources (i.e. government mandate) to once again attempt to nurse
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HotRides: The best car / auto posts from around the web
The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks
Apr 30
Those damn hedge funds! Despite enormous pressure from the U.S. Treasury, “holdout creditors” rejected the federal government’s offer to increase the cash part of a proposed debt-for-equity swap to $2.25b (up from $2b). Hey! What happened to Chrysler’s “owners” Cerberus? Anyway, according to Automotive News [AN, sub], the feds are continuing their campaign to blame [...]
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HotRides: The best car / auto posts from around the web
The best car / auto posts from around the web. New Cars, Classic Cars, Car Mods and hacks