Fiat will take it wants or spin everything but the good stuff. All the while, peddling "competitive downsizing" to get UAW on-board. UAW owns 55%. Guv owns close to 25%. Fiat, soon-to-be 20%. The company is doomed, either way. The Unions are in control!
Bankruptcy tonight (April 30) at midnight. Hedge funds won't budge on taking a hit on the debt they hold. Banks agreed to concessions but the hedge funds are saying no. Can't really blame them, Chrysler is asking them to take far less than they're owed.
What kind of fucking nonsense is this bankruptcy. It seems fake. I hope no one buys from this communist company.
So, they are making the same move as GM bondholders. You know, if Obama's truly looking out for UAW contracts, he will bail them out like how the gov bailout AIG and banks. The proposals they have are so loped side that who in their right mind will agree to it? In effect, the gov is pushing both GM and Chrysler to BK faster. The proposals make gov appear to have done something. Anyway, we will see. If in deed, both go to BK court, that should be the way it supposed to be.
Exactly. If I were the hedge funds holding their debt and I thought I could get more from the company's assets than the reduced amount they are offering me, I'd force them into chapter 11 as well. GM's turn for bankruptcy will come in June.