One out, one in.

Judge Arthur Gonzalez has cleared the way for Chrysler's move out of bankruptcy by approving its new incarnation as a company owned by Fiat, UAW retirees, the Canadian public and U.S. taxpayers. As the Detroit Free Press reports, at least $4 billion of the $8.9 billion in U.S. federal aid so far will not be repaid.

Meawnhile, GM has filed for bankruptcy. From the DFP:

The U.S. government has promised to shepherd GM through Chapter 11 in a plan that will see the company sell off its good assets to a new GM, while the less desirable assets are expected to remain in bankruptcy to be liquidated. The U.S. Treasury plans to provide an additional $30 billion to finance GM during its bankruptcy.
That will bring the total amount of federal money lent to GM to around $50 billion.

categories: Morning Report

9:42 - June 1, 2009

What is this?

Share