Not that I'm surprised or anything.......
According to the reorganization plan filed by Old Carco LLC, which contains the “bad assets” from Chrysler’s bankruptcy restructuring, Chrysler does not intend to repay any part of the $4 billion emergency TARP loan approved by President Bush.
The reorganization plan filed in New York court on Tuesday reveals that in addition to the taxpayers not receiving payment on TARP funds Chrysler has received, unsecured creditors are also unlikely to be repaid any portion of their claims.
The only possibility of unsecured creditors receiving partial or full payment would come in the event Old Carco LLC wins a $25 billion lawsuit against its former owner, Daimler AG.
Secured lenders do however hold a strong chance of recovering $20.6 million in outstanding debt, according to DetroitNews.
The liquidation plan submitted by Old Carco LLC must first be voted on and approved by creditors before going into effect. The timeline in which secured and unsecured creditors may be repaid is not yet known, as it will depend on approvals and the outcome of the ongoing Daimler AG lawsuit.
I find that a duck's opinion of me is very much influenced by whether or not I have bread.
95 NSX-T Type-FauxR
I would never buy a Chrysler product, and I CERTAINLY will never buy one now.
2000 NSX CTSC |1993 NSX Sold | 1995 NSX SC SOLD
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I have never owned a Chrysler product. As a kid, I remember that those cheap whining starter motors they had really turned me off, as well as that tinny sound of the door slam. Pure crap!
I don't remember voting to give them money. That's right, give, not loan.
Honda.Acura.Lexus.Nicky Hayden LE RC51.AP2 S2k.
"Blind is the world
Few are those who clearly see"
Dhammapada v. 174
....yet they are "investing" $176million into there dundee plant....
um question..(raises hand), with whose money?
92' Acura Legend 5pd coupe Type-S