Chrysler LLC was founded in 1925 and is headquartered in Auburn Hills, Michigan.  In 2007 Cerberus Capital Management took up managing control of the company.  In March 2009 Chrysler declared bankruptcy and Cerberus relinquished its management stake in the company.  The company completed its journey through bankruptcy court in June, with a judge’s approval of Italian carmaker Fiat’s efforts to purchase Chrysler.  The sale enables the company to avoid liquidation.  Analysts say the U.S. car market is having its worst sales year since 1976.

The company has been participating in the Treasury Department’s Automotive Industry Financing Program since January.  General Motors is also participating in the program.

Updated 6/01/09

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Chrysler, has asked for $7 billion in federal bailout money, and has already received a total of $5.5 billion (p. 10) thus far.  The parent company, Chrysler LLC, has received $4 billion and a subsidiary, Chrysler Financial Services Americas LLC, has received $1.5 billion. Chrysler Financial Services returned the funding in full on July 14, 2009.  Chrysler received the funds in the form of a loan.  On February 25, Chrysler was expected to ask Congress for another $5 billion.  The company is also looking for an additional $6 billion from a program that would help convert old plants into plants to produce fuel-efficient vehicles.

Along with GMAC and General Motors, Chrysler is receiving government funds under the Treasury Department’s Automotive Industry Financing Program.  The companies were required to submit a restructuring plan in order to receive the funds.  GMAC and GM have, to date, received a combined $19.3 billion under the program.  All of the large U.S. auto companies (including Ford, which has not received bailout money) testified before Congress in December about their poor financial outlooks.  Under their re-structuring plan submitted to Congress, Chrysler has until March 31st to reduce by $5 billion its debt.  The company warns in its proposal that if they do not manage to reduce debt, they will need to begin an “Orderly Wind Down” (p.21). 

Federal Equity Investment Just under $10 billion (Chrysler LLC and Chrysler Financial Services)

Total Revenue Unknown
Net Income Unknown
Number of Employees 58,000
Corporate Headquarters Auburn Hills, Michigan
Business Sector Auto Company
Officers and Directors
Robert L. Nardelli, Chairman of the Board and Chief Executive Officer
Other Officers and Directors

Corporate Website http://www.chryslerllc.com/

Executive Compensation Unable to locate
 
►Financial Documents

Chrysler Restructuring

►Federal contracts

USAspending.gov

►Lobbying reports (if any)

First Quarter 2008

C&C | Cerberus | CLMM | Garn | Hobbs Group | Jones_Walker et al | Patton Boggs | Chrysler | Kennedy | Timmons

Fourth Quarter 2008

Chrysler | Kennedy | Timmons | Venable

►Political Contributions

Center for Responsive Politics
Cerberus Capital Management

Chrysler

►Related Articles

June 1, 2009 Chrysler set to emerge from bankruptcy (CNN)

June 1, 2009 Chrysler Gets Judge's Approval for Asset Sale (Washington Post)

May 1, 2009 How Chrysler Put The Bite On Cerberus (Forbes)

March 4, 2009 GM, Chrysler Sales Pressure U.S. to Provide Aid or Risk Failure (Bloomberg)

March 3, 2009 Chrysler Talks Stall as Banks Balk at Trading Loans for Equity (Bloomberg)

February 25, 2009 Chrysler CEO Bob Nardelli to Meet With Auto Task Force Today (Bloomberg)

February 24, 2009 Support wanes for additional automaker aid (USA Today)

February 18, 2009 GM, Chrysler Have 70% Chance of Filing Bankruptcy, Moody’s Says (Bloomberg)

Last updated June 4, 2009