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DETROIT (Reuters) – The Treasury is preparing a Chapter 11 bankruptcy filing for Chrysler LLC that could come as soon as next week, The New York Times reported on Thursday, citing people with direct knowledge of the matter.
Originally posted by jam321
Do you think Ford saw the light at the end of the tunnel and that is the reason they didn't take any bailout money?
Not taking the money is probably the smartest thing Ford has done in quite some time.
Obama admin says still seeks Chrysler-Fiat deal
WASHINGTON (Reuters) – The Obama administration remains focused on bringing Chrysler and Fiat into a working partnership, a U.S. official said on Thursday, dismissing a news report that the U.S. car-maker faced imminent bankruptcy.
That's the gist of Chairman and CEO Bill Ford's statement to the annual meeting of Ford Motor Co. shareholders Thursday.
Saying that the company's long-term success depends on its global expansion, Ford emphasized that, despite its problems at home, all of the company's automotive operations outside North America are profitable. He went on to say that Ford Motor is aggressively targeting emerging markets, including Turkey, Russia, India and China, as avenues for future growth.
Bailout-free Ford announced yesterday that investors agreed to swap nearly $10 billion dollars in its debt for cash and stock, reducing its total debt burden by 28 percent. The price: about 38 cents on the dollar. After the late-afternoon announcement, Ford stock rallied, gaining 16 percent.
Without a government backstop, Ford could argue credibly that its debt-holders would take a beating if the company were forced to file for bankruptcy. But that seems increasingly unlikely: Ford’s prospects have been looking up, as car-buying consumers flock to the only Detroit manufacturer that hasn’t taken taxpayer dollars. In any case, without the uncertainty of government financing, Ford’s debt-holders were able to put a firm value on its bonds and then choose whether or not to accept the automaker’s buyback terms.
Originally posted by jam321
Do you think Ford saw the light at the end of the tunnel and that is the reason they didn't take any bailout money?
Not taking the money is probably the smartest thing Ford has done in quite some time.
Originally posted by stander
With all the tricks put into the motion, the beleaguered auto makers will pay off all their debts with tax payers money, but the taxpayers won't ever find out.
WASHINGTON – Taxpayers invested another $2 billion in General Motors Corp. this week as the struggling auto giant continued efforts to restructure and avoid bankruptcy court.