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Chrysler LLC's headquarters in Auburn Hills, Michigan, USA, 19 November 2008. The long ailing US carmaker Chrysler LLC was declaring bankruptcy 30 April 2009, MSNBC reported. Photo by EPA/BGNES
One of the three pillars of the American auto industry, Chrysler, is filing for bankruptcy Thursday, the Washington Post reports, citing an Obama administration official.
The move was triggered by the Wednesday night failure of last-minute negotiations between the government and the automaker's creditors night.
US officials had offered Chrysler's secured lenders USD 2,25 B in cash if they would agree to forgive the USD 6,9 B in secured debt owed by the car maker. A small group of hedge funds refused the deal, forcing an imminent bankruptcy.
President Obama is scheduled to address the issue at 7 pm Bulgarian time Thursday at the White House.
Under the administration's detailed "bankruptcy" plan, the current CEO, Robert L. Nardelli, would be replaced, and ownership of Chrysler would be dramatically reorganized, the leadership of Italian automaker Fiat would take over company management and the US and Canadian governments would contribute more than USD 10 billion in additional funding.
The automaker's current majority owner, the private-equity firm Cerberus Capital Management, would have its holdings wiped out.
The government plan also calls for ensuring that Chrysler maintains substantial US manufacturing operations.
Fiat Chrysler Automobiles NV (FCA) has proposed a merger with its French rival Renault (Groupe Renault), the Italian-American carmaker announced on Monday.
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
Bulgaria’s Agriculture Ministry has confirmed that the country will remain free from cultivation of genetically modified (GM) crops.
"It's the poor who suffer" due to European reluctance to GMOs, since solutions which could help meet needs of the poor "are stopped by the rich"...
Bulgaria's former Prime Minister and leader of the formerly-ruling center-right GERB party, Boyko Borisov, declared just two days ahead of the key general elections in the country that he was ready to be in opposition.
Sofia prosecutors have been given the task to probe the latest scandalous recording of former Prime Minister Boyko Borisov that has leaked in Bulgaria media.
NEW POLL: HUNGARIANS UNITED ON NEED FOR A ‘DIFFERENT’ RELATIONSHIP WITH THE EU, BUT DIVERGENCES REMAIN ON UKRAINE
The Kremlin has announced that Russian President Vladimir Putin has ordered an “Easter ceasefire” in the war in Ukraine, declaring a temporary halt in hostilities lasting around 36 hours
A group of Members of the European Parliament has raised concerns over the potential leakage of confidential EU information to Russia, urging stronger safeguards within the European Parliament
Moldovan President Maia Sandu has formally enacted legislation withdrawing the country from the Commonwealth of Independent States (CIS), marking a decisive step in Chisinau’s gradual disengagement from Russian-led structures
The European Public Prosecutor’s Office (EPPO) has carried out a series of coordinated investigative actions across several countries, including Bulgaria and Romania, as part of a probe into suspected large-scale fraud involving EU funds
A fragile ceasefire between the United States and Iran has coincided with escalating tensions over the Strait of Hormuz, where Iran has moved to tighten control over one of the world’s most critical maritime routes
Aniventure Comic Con Returns to Bulgaria with Star Guest Christopher Judge!
Global Fuel Shock: Oil Jumps Over 40% Since Iran War Began
