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Chrysler's road to bankruptcy

2009-05-07 06:29

May 6 - A US bankruptcy judge has approved bidding procedures for the rapid sale of most of bankrupt vehicle maker Chrysler's assets.

Chrysler had asked for permission for a quick sale of most of its assets to a new company held by Italy's Fiat SpA, a United Auto Workers union-aligned healthcare trust and the US and Canadian governments.

Following are key developments at Chrysler since US private equity firm Cerberus Capital Management bought a controlling stake in 2007:

May 2007 - Germany's Daimler AG agrees to sell 80.1% of Chrysler to Cerberus for $7.4 billion, keeping a 19.9% stake.

Sept. 2008 - Daimler confirms talks with Cerberus to sell its remaining 19.9% stake in Chrysler.

Nov. 7 - South Korea's Hyundai Motor Co holds talks with Cerberus about a potential acquisition of the Jeep brand.

Nov. 26 - Cerberus demands more than $7 billion from Daimler over losses that followed its 2007 acquisition of Chrysler. Daimler says the claim is baseless and has complicated talks to sell its remaining 19.9% stake.

Jan. 2, 2009 - Chrysler receives an initial $4 billion emergency government loan.

Jan. 14 - Chrysler says it would not sell an individual brand like Jeep, in response to reports of talks to sell assets to Renault-Nissan and auto parts supplier Magna International.

Jan. 20 - Italy's Fiat unveils a preliminary deal to take a 35% stake in Chrysler in exchange for access to its technology and overseas markets.

March 30 - The Obama administration's autos task force rejects Chrysler's restructuring plan and warns it could be put through bankruptcy to reduce its debts. It gives Chrysler 30 days to complete an alliance with Fiat or risk being cut off from further government funding.

April 13 - Chrysler and Fiat discuss a new management and board for the US automaker under a proposed alliance.

April 21 - US says that it will make about $500 million available to Chrysler for the end of April.

April 24 - Chrysler's lenders offer to cut the amount they are owed in a proposal to the Obama administration. The lenders are now seeking $3.75 billion in debt and a 40% equity.

April 28 - Daimler reaches a deal to exit its 19.9% Chrysler stake.

April 30 - Chrysler and Fiat confirm a global strategic alliance as Chrysler files for Chapter 11 bankruptcy after talks with bondholders to restructure its debt collapse.

- A dissident group of about 20 lenders, holding about $1 billion in Chrysler debt, are planning to object to the company's planned bankruptcy sale, their attorney says.

May 1 - Chrysler idles plants, saying its survival depends on quick court approval of its restructuring plan.

May 4 - Chrysler wins interim approval from a US bankruptcy court to access a $4.5 billion loan from the US and Canadian governments, pushing it further along toward its planned sale to Fiat.

May 5 - A bankruptcy court approves bidding procedures for the rapid sale of most assets. The ruling comes over the objections of a lender group which had asked the court to block Chrysler's efforts to sell itself.


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