No Bankruptcy for Chrysler...

I picked this up from Carseek.com :

"On Wednesday, July 9 Chrysler, continued to fend off rumors of a potential bankruptcy and issued a reassuring statement to dealers.

In a letter signed by co-president Jim Press and executive vice president of North American sales, Steven Landry, the two cited recent media coverage and analyst reports concerning Chrysler's financial condition.

The letter stoutly denied the accuracy of such reports saying, "Chrysler has communicated to the media that the suggestion of a possible bankruptcy situation is without merit."

Some of the speculation has stemmed from a $2 billion loan from Daimler AG and Cerberus Capital management LP, which was actually part of the original deal in which Cerberus purchased 80% of Daimler's holdings in Chrysler.

The loan "was not something that was a result of Chrysler having any need for incremental cash based on financial performance of the business," said Lenard Tessler, managing director of Cerberus Capital Management LP in a presentation to the national dealer council on June 27.

In their statement, Press and Landry also pointed to recently retooled production levels including the closing of a minivan plant and a reduced number of shifts at a truck plant, both in St. Louis as factors in improving the company's overall strength.

For the remainder of the year Chrysler plans to concentrate on models returning high mileage and the intent is "to hang in there and fight for every sale during this period."

Sorry, but it'll take more than a hollow promise from a couple overpaid execs to convince me that Chrysler can survive.

They are closing plants because no one wants their product, not for any other reason.

Chrysler may survive, but as a niche player in the market. They have alienated too many of their customers, and other customers who were interested in domestic product. Basically, Chrysler is bad for the North American auto industry.

Truckin wrote:

Sorry, but it'll take more than a hollow promise from a couple overpaid execs to convince me that Chrysler can survive.
They are closing plants because no one wants their product, not for any other reason.
Chrysler may survive, but as a niche player in the market. They have alienated too many of their customers, and other customers who were interested in domestic product. Basically, Chrysler is bad for the North American auto industry.

True, Chrysler's current lineup may not be the best, I don't even look at Chryslers either and their current lineup may be a bit sub-par,(i.e.-Avenger, Caliber, Nitro and so on) but they can improve their vehicle quality. Sadly though, the Minivans are the only vehicles that are keeping them alive right now.

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Wow, you boys are excited because your great domestics can go another day with out filing for BK- how stupid. Go buy a TOYOTA like every other smart person.

I don't want my tax dollar's or my children's going to bail out these worthless companies! Let the chips fall where they are!!!!!