Obama wants to stop creditors of Chrysler
Obama said the U.S. president that the lenders of the automotive company Chrysler are unacceptable because they would lead to unjustified yield bonds. The biggest lenders to Chrysler offered to take shares in the restructured company car when a Fiat Spain combine for 35 percent of their investment in 7 mlrd USD Chrysler. Late last night rating agency Moodys (Investors Service on Moodys) lower debt rating of Chrysler LLC to C, the lowest level of debt rating before falling to a company in insolvency. Moodys also lowered its estimate for the recovery of the company in case of falling into insolvency by 20% from current 50%. Last Moodys lowered the debt rating to Chrysler are 03.12.08g. Chrysler car company has only a few days (until the end of the month) to reach agreement with trade unions and the American road with its creditors in order to unite with Fiat. Only in this case, Chrysler will get a new life of financial aid the U.S. government. Otherwise the company will need to enter the bankruptcy procedure.
Labels: Financial News, Politic News
posted by Zoritza Petrova @ 4:33 AM
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