In his cut-and-paste letter to ex-Chrysler-as-we-knew-it employees, ex-Chrysler CEO Bob Nardelli refers his ex-troops to a website set-up to explain just how bad their post C11 situation isn’t. The electronic hand-holding portal—www.chryslerrestructuring.com—offers nothing more than the press release and the letter (which refers to the site that refers to the letter). Slightly more reassurance is available at www.scoopchrysler.com. (I’ll refrain from making any canine scatology comments.) The second site provides workers with a simple C11 Q&A. Those looking for a little truth and reconciliation action are bound to be disappointed, as this answer to “why?” shows: “Companies file for Chapter 11 for a number of reasons, but generally they are seeking to protect their assets while trying to address financial problems – such as excessive debt, insufficient liquidity, unreasonable contractual obligations, and/or unmanageable liabilities. The process also is sometimes used by companies to sell assets free and clear of any obligations.” “Unreasonable contractual obligations.” How . . . reassuring.
http://chapter11.epiqsystems.com, heh.
I predict that Detroit will effectively go quiet this summer.. With GM and Chrysler idle, things around the whole metro area will slow wayyyy down.
On the plus side, traffic won’t be as bad…
Unreasonable contractual obligations? You mean, like with the UAW? Hmm…
I am guessing Chrysler had no problem taking the money from the bondholders though. Hmm sounds like my insurance company.. take my premiums promptly but try to weasel out of any payment.
lw :
I predict that Detroit will effectively go quiet this summer.. With GM and Chrysler idle, things around the whole metro area will slow wayyyy down.
On the plus side, traffic won’t be as bad…
That’s a spooky thought.
Glad to see that Nardelli is out as part of this..
Opening up a new Chrysler dealership is a job with 100% unemployment in 2009.