April 30, 2009
Freep.com is reporting:
“President Barack Obama said today that Chrysler LLC will file a historic bankruptcy shortly, backed by up to $3.5 billion in new government aid designed to allow a Chrysler-Fiat partnership to emerge from court in 30 to 60 days…
‘The necessary steps have been taken to give one of America’s most storied companies a new lease on life,’ Obama said…
The administration portrays its “surgical” bankruptcy of one of Detroit’s major automakers as just a legal chore, rather than the threat to Chrysler’s existence and the entire U.S. auto industry that Chrysler itself had described less than three months ago. Administration officials said Chrysler would operate as usual during bankruptcy, and that no additional job cuts were anticipated as of now.”
For further details and the full article click here.
April 28, 2009
At the end of last week, things were looking pretty bleak for the survival of Chrysler. Now a ray of hope shines as the large auto company faces the zero hour. This afternoon, CNN is reporting that Chrysler’s debt deal with major banks has been reached.
“The major banks that loaned Chrysler LLC about $7 billion have agreed to significantly reduce that debt, according to the Treasury Department, a move that could save the struggling automaker from having to file for bankruptcy later this week.
“The agreement from Chrysler’s principal banks is an exceptional accomplishment in line with the President’s firm commitment that all stakeholders sacrifice to make this deal succeed,” said an administration official Tuesday.”
Chrysler still needs to complete it’s alliance with Fiat and have it’s agreement with the UAW pass an official vote before Thursday’s deadline. The debt reduction was generally thought of as the largest and most difficult step in the process, so there is still is hope for the auto manufacturer.
April 24, 2009
While the Government imposed April 30th deadline approaches for Chrysler, Marketwatch speculates that they could be filing for Chapter 11 even sooner.
“Ailing car maker Chrysler is close to filing for protection from creditors as soon as next week under Chapter 11 of U.S. Bankruptcy laws… The move will come whether or not it reaches a buyout deal with Fiat SpA, the newspaper reported, citing people familiar with the companies.”
Chrysler issued this response:
(from the Chrysler Media Site)
“On March 30, the Administration recognized the viability of Chrysler LLC and its products, in combination with a Fiat alliance.
Chrysler has consistently said that its viability will be enhanced through an alliance with Fiat, as it represents a change in the Company’s business model that expands its global competitiveness.
As we move forward in this process, we believe it’s important to keep all options open. Chrysler will continue to work through the end of the month, based on the direction given by the Presidential Auto Task Force, to secure the support of the necessary stakeholders and reach a successful conclusion that the Administration and U.S. Treasury deems appropriate.”
We’re not sure how this will play out, but we have no doubt that Jeep will soldier on regardless!
April 23, 2009
From Marty in New Mexico;
“This is my 2005 RUICON SAHARAH UNLIMITED #284 0f 1000 its the one of my 3 jeeps i love driving. it takes me a lot of adventurous places . Serious offroading’s a blast.”
For more information on the Jeep Wrangler Chrome Grill or Chrome Grill Inserts check us out at www.JeepWorld.com, your place for everything Jeep on the web.
April 21, 2009
Last we knew, the German Jeep Expedition from Paris to NY (the long way) had gotten slowed to halt by this year’s particularly ferocious Siberian Winter. Now it looks like, by the time they reach it, they will be unable to cross the frozen Bering Straight between Russia and Alaska. From Off-Road.com:
“Off-Road.com picked up the Paris-New York Expedition in late February when they had just reached Russia. We were anticipating that the team would be crossing into Alaska in early April. On paper it looked good, but as the days progressed and Mother Nature took her toll—the journey proved to be much more challenging than imagined. Our dreams to greet the team in Alaska soon slipped through the sands of time. Due to extreme snowstorms and numerous mechanical failures in Siberia, the team was delayed over one month. This decreased the chances of them crossing the frozen Bering Strait and the western coast of Alaska during winter. The team will now have to wait until fall/ winter 2009/2010 to pick up in Egvekinot, Russia where the team made its last stop.”
Hats off to Matthias Jeschke and the crew from Extrem Events for chasing down such a great adventure in an age where there isn’t much of that kind of thing left. (Not to mention in a Jeep). Good on ‘ya boys.
Click here to read the entire article and view some awesome pictures and video clips.
April 15, 2009
Just in from the Associated Press:
MILAN (AP) — Automaker Fiat Group SpA will walk away from a deal to take a 20-percent stake in Chrysler LLC if the U.S. automaker’s unions don’t agree to major cost cuts, Fiat CEO Sergio Marchionne said in an interview published Wednesday.
Fiat and Chrysler are up against an April 30 deadline for Fiat to take a stake in the failing U.S. automaker in exchange for small car technology, but Chrysler first needs concessions from creditors and unions to ink the Fiat deal. If the Fiat alliance isn’t finalized by then, the U.S. government has threatened not to provide any more aid and let Chrysler be sold off in pieces.
“Absolutely we are prepared to walk. There is no doubt in my mind,” he said. “We cannot commit to this organization unless we see light at the end of the tunnel,” Fiat CEO Sergio Marchionne said in an interview published in the Toronto Globe and Mail.
A Fiat spokesman confirmed Marchionne’s statements. Marchionne was attending a shareholders meeting of the Swiss bank UBS in Zurich on Wednesday.
Marchionne said there is a 50 percent chance the deal will fail because of lack of progress in labor negotiations in both the United States and Canada.
Read the full article here.
April 13, 2009
The ever-knowledgeable and hooked up crew over at Jalopnik have access to some advance sketches and information on the Jeep Grand Cherokee SRT8.
“The biggest news we’ve received is the high-po Jeep will receive the 6.4-liter 392 HEMI V8 with anywhere between 505-525 tire burning horsepower and roughly 510 ft-lbs of torque, all driven through a revised AWD system…
the 2012 Jeep Grand Cherokee SRT8 will be a subtle beast with lowered, sportier suspension, beefy SRT 5-spoke wheels, larger diameter rotors with grippy multi-piston calipers, revised front and rear fascias, a functional cold air induction cowl hood and a larger spoiler out back. “
Click here to see the sketches.
It’s an interesting concept, but we’re unsure if they can pull it off under the current economic conditions. Keep your fingers crossed!
For your Jeep Grand Cherokee Accessories needs, visit our website www.JeepWorld.com