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Bankruptcy Keyed to Bussel, 12th Ed.
In re Chrysler LLC
Citation:
576 F.3d 108 (2009)Facts
Chrysler LLC filed for Chapter 11 bankruptcy on April 30, 2009, after months of financial difficulties, government bailouts, and unsuccessful attempts to find a merger partner. The company proposed a sale of substantially all its operating assets to New CarCo Acquisition LLC (New Chrysler) under Section 363(b) of the Bankruptcy Code. Under the Master Transaction Agreement, New Chrysler would acquire Chrysler’s manufacturing plants, brand names, and certain dealer and supplier relationships in exchange for $2 billion in cash and the assumption of certain liabilities. Fiat would provide New Chrysler with fuel-efficient vehicle platforms, access to its worldwide distribution system, and new management. Financing for the transaction would come from the U.S. Treasury and Export Development Canada, likely using TARP funds. Ownership of New Chrysler would be distributed as follows: 55% to a UAW employee benefit entity, 20% to Fiat (with rights to acquire up to 51%), 8% to the U.S. Treasury, and 2% to Export Development Canada. The bankruptcy court found that no other bids were forthcoming despite Chrysler’s extensive efforts to find alternative partners, and that an immediate liquidation would yield between $0 and $800 million compared to the $2 billion from the sale. The court also found that Chrysler was losing approximately $100 million in value each day.
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