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Chrysler Plans a Brief Bankruptcy in May
Chrysler LLC has asked court approval for a May 22 exit from bankruptcy, outlining Fiat SpA’s (OTC ADR: FIATY) plan to scoop Chrysler assets and urging that a quick bankruptcy is vital to keep suppliers, dealers and consumers’ trust in the brand.
According to its filing in New York bankruptcy court, Chrysler seeks approval of a plan where creditor objections must be submitted by May 11, competing bids must be submitted by May 15, and a May 21 hearing to rubber stamp the winning bid, Bloomberg reported.
“Key suppliers and dealers simply cannot survive a prolonged period of uncertainty,” Chrysler said…
5May2009 | Money Morning | 0 comments | ContinuedNRG Looks to Electrify its Business with $11.3 Billion Calpine Takover
Princeton, NJ- based NRG Energy Inc. (NRG) has publicly acknowledged its estimated $11.3 billion takeover bid for Calpine Corp. (CPN) – a wholesale provider of electricity emerging from chapter 11 bankruptcy protection.
NRG acknowledged Wednesday that it made the initial $22.98 a share offer on May 14. NRG said the deal assumes Calpine had 500 million fully diluted shares outstanding as of May 13. That calculation would value all of Calpine at $11.35 billion.
NRG offered to pay 0.534 shares for each share of Calpine, the company said in a statement. Based on NRG’s Wednesday closing price of $42.51, the deal values each…
23May2008 | Money Morning | Comments Off | Continued
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