TIMELINE - Chrysler bankruptcy and beyond
Reuters - Italian car maker Fiat SpA closed its takeover of Chrysler on Wednesday in an ambitious move to survive and grow out of one of the worst crises in global auto industry.
Following are key developments at Chrysler since U.S. private equity firm Cerberus Capital Management bought a controlling stake in 2007:
May 2007 - Germany's Daimler AG agrees to sell 80.1 percent of Chrysler to Cerberus for $7.4 billion, keeping 19.9 percent.
Jan. 2, 2009 - Chrysler receives an initial $4 billion emergency government loan.
Jan. 20 - Italy's Fiat unveils a preliminary deal to take a 35 percent 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 may 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 U.S. automaker.
April 21 - The U.S. says it will make about $500 million available to Chrysler through the end of April.
April 28 - Daimler reaches a deal to exit Chrysler completely.
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.
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 U.S. bankruptcy court to access a $4.5 billion loan from the U.S. and Canadian governments.
May 5 - A bankruptcy court approves bidding procedures for the rapid sale of most assets, overturning objections from a dissident group of about 20 lenders.
May 8 - The dissident lenders' group disbands, removing the last legal hurdle to the merger with Fiat.
May 14 - Chrysler's planned alliance with Fiat poses no competitive issues, the U.S. Federal Trade Commission says.
May 29 - Chrysler says it has suspended operations indefinitely at all five of its Mexican plants.
June 1 - A U.S. Bankruptcy Court judge approves the sale of substantially all of Chrysler's assets to a group led by Fiat.
June 8 - A U.S. Supreme Court justice grants a request to put on hold the sale of Chrysler following a request by three Indiana pension funds and others for a stay of the deal.
June 9 - Fiat says it will not walk away from the deal.
-- Chrysler wins court approval to cut a quarter of its U.S. dealerships.
-- The U.S. Supreme Court clears the way for the sale of Chrysler LLC to Fiat.
June 10 - Fiat closes its takeover of Chrysler. Fiat Chief Executive Sergio Marchionne will also be Chrysler's CEO.
- Tweet this
- Share this
- Digg this
Politics & Economy
The setback for ruling Congress in recent state elections could imperil the country's fiscal deficit target by tempting the government to have less restraint on spending, Fitch Ratings warned. Full Article