Thursday, Apr 30, 2009
Main lenders pull the plug
BBC: Chrysler 'to file for bankruptcy'
Chrysler is to enter bankruptcy protection after failing to persuade its main lenders to write off its debts, a White House official has said. President Barack Obama is now due to make a statement later on the future of the struggling US carmaker.
Posted by jack c @ 02:40 PM (1072 views) Add Comment
15 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. peter_2008 said...
Why can't we just let Jaguar fail as well? It's an Indian company anyway.
2. paul said...
'Tata' is the welsh word for poopy.
3. str 2007 said...
I was going to say we could turn these surplus factories with their huge skill base over to making something useful that produces green energy.
But look what happened to the Isle of Wight windmill factory - lack of orders, you couldn't make it up.
4. contrails are not a conspiracy (formerly npnh) said...
Only lack or orders due to market saturation though!!
5. contrails are not a conspiracy (formerly npnh) said...
I'm on about windmills BTW!
6. flashman said...
The main reason for the company pulling out was that the UK is the hardest country to get permission for a windmill site. There would be plenty of business if it were possible to get permission. Apparently the local planning offices are a nightmare to deal with. What a fuccing surprise. They set up here because the UK has more wind resource than the rest of Europe combined so they though it was a good idea.
7. peeping tom said...
Never mind windmills, how about using the derelict Jaguar factory in Coventry for making bicycles.
8. growler said...
Actually, whats driven Chryslers chapter 11 is the fact that the main lenders were all agreeing to waive some debt - BUT two HEDGE FUNDS wanted more than they were offered and decided to play hard-ball to drive it to the wall. I'm not defending incompetence of management and pocket-lining, huge legacy and pension gifts that Chrysler awarded themselves, but it ain't as simple as the headline shows.
Also: Jaguar might well be Indian owned (I find the racial motive for allowing them to fail offensive) - but the sad fact is that only the Indians were even interested in Jag when they bought it. Every other investor - including the British - decided to bottle it. I also see a startling correlation between the speed with which companies left FORD ownership (perceived British manufacturer who pulled out of UK years ago except Transit) and the brands survivability. Aston left first --> OK. Jag left next --> sort of OK. Volvo --> it's lost even more identity and will struggle to get their identity back. When it was taken over it made huge profits. Now? What happened?
9. Tommyweaves said...
Growler @ 8
You need to understand the difference between racism and xenophobia. If Peter_2008 had said "It's an American company anyway" would you have thought that racist as well?
10. peter_2008 said...
My comment had nothing to do with race. Not to bail out Inidan owned Jaguar, is the same argument why we should not bail out American owned Leman Brothers, or Japanese owned Honda or Russian owned Chelsea FC. Remember what Leman UK did? Just before it went bust? It wired billions £££ to its US headquarter. The UK taxpayers will be truely mugged, if we have to bail out all these "international" companies.
BTW, I wish GB actually tried to bail out Leman, because that WOULD have really finished him.
11. Buyhighselllow said...
British capital has only been interested in the casino game in the square mile or property (same thing really) for the last 30 years so if you want to be part of a global engineering/manufacturing business, don't expect any help from the UK.
Therefore, both xenophobia and racism are unhelpful.
12. lenny said...
Post 8. Growler
When I was in Nashville a few months ago, I went along to Cooter Jones Garage and bought some souvenirs from the "Dukes of Hazzard" show (no, not Daisy's knickers)
I took a few photo's of the General Lee Chrysler Charger with the Confederate Flag painted on the roof. Oh my, that must have racial undertones, I had better get to work with Photo editing software, delete the flag and colour the roof orange because this is just about as s-t-u-p-i-d as saying the non-bailout of an Indian owned Jaguar "had a racial motive and was offensive"
Oh yeah, I forgot to mention I had Robertsons Jam "Golliwog Badges" on my school blazer when I was 6 years old (1964) - Maybe I was racist..... Political Cr@pness gone mad
13. growler said...
Times change Lenny. I collect the stickers too ;-).
However it's termed, the reference was that JLR isn't terribly worth saving (a statement based on opinion) and the fact that its Indian means it's even less worth saving (a statment based on prejudice). I guess some people are more comfortable with this than others. BTW: I'm not English, and I think it would be a tragedy if we can save banking jobs at the expense of manufacturing jobs.
14. growler said...
@10 - Peter 2008
Lol: Perhaps Gordo should have tried to support Lehmans! But then again, Gordon Brown is good for the Conservatives
15. Lenny said...
12. growler
With the JLR deal, I think TATA were stupid enough to buy it and they are big enough to look after themselves anyway. If they wish to take over so many businesses as a recession is looming, I see no reason why they should be offered help. Any jobs left in the UK would have ended up going after a short time and to think I once boughtr a TATA built Merc E220, these were manufactured in India under licence from mercedes but were the older Model. It still wasn't as well assembled as a Merc although pay peanuts.........