The Hollywood Liberal

Chrysler Heads for the Chop Shop

The Treasury Department has cut a deal with the United Auto Workers to send Chrysler into bankruptcy while protecting retiree benefits, The New York Times reports. Fiat would be in a more favorable position to take a cut of the company once it’s in bankruptcy. Chrysler’s equity stakeholders are shaping up as the big losers in all of this.

New York Times:

The U.A.W., Chrysler and Treasury have reached agreements in principle that would protect workers’ benefits, people with knowledge of the negotiations said, and a similar agreement is expected to be reached as soon as this weekend with the Canadian Auto Workers union.

Once Chrysler emerges from bankruptcy protection, it would largely be owned by Fiat, the U.A.W., the Treasury and its lenders, these people said. A bankruptcy filing would likely wipe out existing equity stakeholders, notably Cerberus Capital Management, which took over the carmaker from Daimler in 2007.

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O’REILLY: Ok, so the best thing that the president did in the past weekend?

COLMES: Well, he certainly had a wonderful moment with Hugo Chavez.

O’REILLY: That was wonderful.

COLMES: And now, I know that you people often think you — when I say “you people,” I mean, you — probably think that dictator DNA got off on him, and he’s going to come back and infect the United States because, look, he touched the guy.

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COLMES: Do I like it?

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COLMES: Talk slowly and I think I’ll be OK.

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