Cars Blog May Archive

Canada may contribute C$13 billion in auto-maker bailouts

05/29/09 05:27

The governments of Canada and Ontario may contribute around C$13 billion (US$11.6 billion) in bailout funds to troubled automakers General Motors Corp. and Chrysler LLC.

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Tags: auto bailouts • general motors • chrysler • canada •
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Manfredis survives onslaught

After the effect of Chrysler in the auto industry as it turns down almost 800 car dealers, the Manfredis are still lined up with the fortunate ones for still making it after the onslaught.

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Chrysler likely to file Chapter 11 today

US automaker Chrysler will most likely file Chapter 11 bankruptcy today if the government fails to strike a deal with the company's lender to exchange cash for debt.

The Obama administration is offering $2.25 billion in cash in exchange of $6.9 billion worth of debt with the company's secured debt holders.

If a deal pushes through, the automaker will have the chance to make the necessary restructuring measures that the administration has set.

[404 Check: was link to http:/ / www. reuters. com/ article/ bigMoney/ idUS122978966420090430, anchor: Link: Chrysler Will Fight to Bitter End | Green Business | Reuters]