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Bailout

: Calculated Risk

Chrysler: Deal Reached with Creditors

By Anonymous

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From the NY Times: Deal Is Set on Chrysler Debt That May Avert Bankruptcy
The Treasury Department has worked out a preliminary agreement with Chrysler?s largest secured creditors ...

Chrysler has about $6.9 billion in secured debt owned by big banks such as Citigroup and JPMorgan Chase and a group of hedge funds. Under the proposal, all of the debt would be canceled in exchange for $2 billion in cash...

The initial Treasury offer was $1.0 billion, and the banks countered at $4.5 billion and 40% equity in the new Chrysler. These is no mention of equity in the story.


Full post as published by Calculated Risk on April 28, 2009 (boomark / email).

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