Chrysler Hires Bankruptcy Firm Breaking on CNBC

Chrysler has hired bankruptsy firm Jones Day.

On CNBC a few minutes ago.

I will look for other sources.

This is the Jones Day page with services....www.jonesday.com...

Here is an article....online.wsj.com...

Chrysler Hires Law Firm Jones Day as Bankruptcy Counsel

Chrysler LLC has hired the prominent law firm Jones Day as bankruptcy counsel, according to several people familiar with the matter. The firm was hired several weeks ago to help the ailing auto maker prepare for a possible Chapter 11 bankruptcy filing.

[edit on 5-12-2008 by whiteraven]

I doubt that this is simply political positioning alone. I believe the guys in charge of this corporation know what the next act is and they are simply going forward with it.

Here is an related article....business.theage.com.au...

GM and Chrysler weigh bankruptcy option

GENERAL Motors and Chrysler executives are considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multibillion-dollar government bail-out.

They must know exactly what congress will do in the Auto Bailout case. Washington and the Auto industry are very close and for good reason.

If they do take on the "pre-arranged " bankruptcy as cited above then the suppliers and the UAW must know this as well.

And looking at the Dow it looks like the auto sector may already be priced in.

Dow is trading at -17 as I edit this

[edit on 5-12-2008 by whiteraven]

We wanted to know if it would really happen, well, Chryster is (arguably) and weakest of the Big 3... Here we go... For all those who want the American AAuto industry to disappear... Enjoy the show...

Why on earth continue to support an industry that needs a total change with a bailout. Businesses need to be prepared for recession times. No one is going to bail me and my small business out. I have to have a sufficient reserve of cash available to hopefully make it through a bad economic time. It will be painful but the automaking industry needs a total overhaul. Maybe whoever takes it over will finally use some of that 60mpg technology we always hear about that the oil companies have supposedly kept secret.

Why on earth continue to support an industry that needs a total change with a bailout. Businesses need to be prepared for recession times. No one is going to bail me and my small business out. I have to have a sufficient reserve of cash available to hopefully make it through a bad economic time. It will be painful but the automaking industry needs a total overhaul. Maybe whoever takes it over will finally use some of that 60mpg technology we always hear about that the oil companies have supposedly kept secret.

True...the goverment will not deal with individual or the small business. They look for the best `leverage`for thier money.

Sorry your reply did not show up in the regular post Anonymous ATS


[edit on 5-12-2008 by whiteraven]

I heard on BBC news last night that " Bush and company" didnt want to bail out the big 3 as it was , and I quote. " Throwing good money after bad" WTH ? They threw a few trillion of good money after bad to the banks lol, they are a bigger joke then even I wanted to let myself belive , wow .

And now this :
in Washington, D.C. Warren will present President Bush with the first “International Medal of PEACE”.
www.abovetopsecret.com...

What a piece of crap.....





[edit on 5-12-2008 by Reevster]

Its been in the making for sometime now unfortunately. But it's the fault of those in charge who haven't been willing to learn or change with the times.

If you remember in the past, all foreign cars were considered crap and American cars were considered the best because they were American.

When I saw Toyota come out with a V8 powered full sized pickup truck a few years ago, I knew the Big 3's days were all but numbered.

GM, Chrysler May Need Twice Bailout Loans to Finance Bankruptcy

Dec. 5 (Bloomberg) -- General Motors Corp. and Chrysler LLC would both need at least twice as much to finance a bankruptcy as they say they need in U.S. government bailout loans, Chrysler and a restructuring expert said.

GM, Chrysler May Need Twice Bailout Loans to Finance Bankruptcy


www.bloomberg.com...

As I read in R's journal they get both??

GM did hire Weil, Gotshal & Manges, a New York law firm, to advise it on bankruptcy matters, a person familiar with the matter said, asking not to be named. Firm spokesman Mike Ford did not respond to a message seeking comment on the hiring.

That got buried!

Prepackaged bankruptcy could trigger GM CDS: analyst

Prepackaged bankruptcy could trigger GM CDS: analyst

Around $4 billion in payments on credit default swaps protecting General Motors Corp may need to be made if the automaker enters into a prepackaged bankruptcy, though any payments are unlikely to cause widespread losses, Bank of America said on Friday.

www.reuters.com...

WOW.

Domino effect....who set up the donimos?

A more sanitized version.

Auto execs drive away from Congress empty-handed

WASHINGTON (Reuters) - After a tough two days that saw them pitied, lectured and scolded, America's auto bosses drove away from the U.S. Capitol on Friday uncertain what -- if any -- help they will receive to avoid catastrophic collapse.

The CEOs of Detroit's "Big Three" automakers spent hours testifying for lawmakers in their bid to secure $34 billion to keep their struggling companies in business.

Before setting out for home, they were chided like children.

Chided like children. Those bad, bad autoexecs.

What do you expect? They're car salesmen!


Sorry the link..www.reuters.com...




www.enterprisecorruption.com...




[edit on 5-12-2008 by whiteraven]