Fast Chrysler News

Canadian auto supplier Magna International Inc., one of the serious contenders to purchase Chrysler, failed in its bid because Cerberus Capital Management acted more quickly, a new analyst report indicated Thursday.

DETROIT -- Carlos Ghosn, CEO of alliance partners Nissan Motor Co. and Renault SA, said the sale of Chrysler to a private-equity firm will benefit the U.S. auto industry by pushing automakers to focus more on becoming profitable and less on sales growth.

In an article for Business Week in the United States, former Chrysler boss Lee Iacocca says the German company drove Chrysler "off a cliff" when it decided to sell the company to private equity firm Cerberus for $US7.4 billion ($9 billion) earlier this month.

Dehner is responsible for the 1999 Dodge Charger concept. Click for larger images Following the recent acquisition of a majority stake in the Chrysler Group by Cerburus comes the announcement that there will be a reshuffling at Chrysler's North American design offices.

China's Chery Automobile Co. said this week that a deal with DaimlerChrysler to build Chrysler-branded cars was still proceeding.

Petroleum, he said, was a consideration as he decided between another Accord, a Chrysler Sebring, Toyota Camry, Jeep Commander and other models. On Wednesday, he settled on an Accord, forsaking a more efficient four-cylinder engine for a V-6.

Two times zero is zero, which leaves a lot of people scratching their heads about the acquisition of Chrysler, the troubled US carmaker, by Cerberus, the private equity group. Buy-out groups often double the return on equity of companies they acquire simply by loading on more debt.

Two times zero is zero, which leaves a lot of people scratching their heads about the acquisition of Chrysler, the troubled US carmaker, by Cerberus, the private equity group. Buy-out groups often double the return on equity of companies they acquire simply by loading on more debt. In this case, Cerberus has nothing to double because Chrysler is losing money.

DETROIT—Changes will come quickly for the Chrysler Group. Scrapping underperforming sub-brands, streamlining marketing as well as its dealership network and tweaking design are all on the slate, analysts said.

Services, pricing and incentive offer applicable only at participating Chrysler, Jeep®, Dodge Retailers. Prices do not include taxes. See retailer for specific pricing details and conditions. Retailers are free to set individual prices. Environmental handling charges may apply.

Joe Bel Bruno May 14, 2007 - 6:46 p.m. NEW YORK (AP) - Cerberus Capital Management, a private equity firm named after the three-headed hound that guarded the gates of hell in Greek mythology, got its start 15 years ago buying securities of distressed companies.

The morning DaimlerChrysler announced it had sold 81.1 percent of Chrysler to Cerberus, at least one employee was able to keep a sense of humor about the situation, because someone plucked the "sold" sign that had been in the yard of a house near the Indiana Transmission Plant I and II and put it in Chrysler's yard.

Brakes have to be replaced like every 3 months. desired leg space.

A day after breaking ground for a new axle plant in Marysville, Michigan, Chrysler did the same thing at Trenton in the same state for its new Phoenix engine plant.

DaimlerChrysler Canada executives said yesterday the company has a "framework for an agreement" with China to manufacture a subcompact car for the North American market.

Private equity firm Cerberus is examining automaker for any hidden flaws The selling of Chrysler is not a done deal - yet.

At a time when gas prices hover near $3.50 a gallon, the Chrysler Group broke ground Wednesday on a crucial piece of its plan to begin building more fuel-efficient vehicles. A new $730-million engine plant in Trenton is part of Chrysler's $3-billion plan to produce more efficient powertrains.

Chrysler CEO Tom LaSorda urged workers Wednesday to help reinvent Chrysler as a new company. "Our corporate name will soon be Chrysler again. But we cannot -- and will not -- be the old Chrysler Corp.," LaSorda said in an e-mail.

The selling of Chrysler is not a done deal -- yet. Cerberus Capital Management will spend the next few weeks -- if not months -- finalizing the deal, double-checking and settling details before acquiring the Chrysler Group from DaimlerChrysler AG.

DETROIT — The selling of Chrysler is not a done deal yet.

D'Ambrosio Chrysler Jeep will host a free DNA LifePrint Child Safety Program at 2280 S. State Saturday from 10 a.m. to 3 p.m.

Chrysler's top executive called his employees to arms Wednesday, challenging them to adopt a different way of thinking as they forge ahead under new owner Cerberus Capital Management LP.

Chrysler originally said it would accept all requests for packages, though the timing of departures would depend upon each plant's operational needs.

LaSorda reiterated that Cerberus had no plans to split up Chrysler or its brands, and that the automaker would make full use of the resources of former parent Daimler AG, which agreed to retain a 19.9 percent stake in the new Chrysler Holding LLC, The Detroit News reported.

Dealers are ordering Chrysler vehicles again, Chief Executive Officer Tom LaSorda said at a "town meeting" with workers at the U.S. automaker's headquarters.

Dealers are ordering Chrysler vehicles again, Chief Executive Officer Tom LaSorda said at a town meeting with workers at the U.S. automaker's headquarters.It's Chrysler Corp. again, back in American hands again, LaSorda said, referring to last week's $7.4 billion sale of the automaker to U.S. private-equity firm Cerberus Capital Management LP.The dealerships -- they're ordering again, which is ...

Chad Brand submits: In recent years, billionaire investor Kirk Kerkorian and his investment company Tracinda Corp. have been focused on potential value in beaten-down automobile companies such as General Motors and Chrysler.

Employees at Chrysler’s North assembly plant were upset last week by news that Chrysler is offering far fewer retirement and attrition packages to workers at its North Assembly plants in Fenton than expected.

TRENTON, Mich., May 23 /PRNewswire-FirstCall/ -- Marking another significant milestone in the progress of its Recovery and Transformation Plan, Chrysler Group hosted a groundbreaking ceremony today at the site of the future Trenton (Mich.) Phoenix Engine Plant.

Chrysler today released an audio excerpt of CEO Tom LaSorda's Monday town hall meeting with workers at the company's Auburn Hills headquarters.

Chery Automobile on Wednesday said a framework deal with DaimlerChrysler to build Chrysler-branded cars was still proceeding, denying a German paper report it had been halted.

New owner pending, it's still business as usual at Chrysler Group which has just broken ground at the future site of the Marysville Axle Plant in Michigan, a $US700m investment including development and engineering costs.

While auto retailers across metro Detroit and the nation struggle to survive, Fox Hills Chrysler Jeep is celebrating its 25th year in business with continued growth, exceptional repeat customer loyalty, and strong community involvement.

Financier Kirk Kerkorian appears ready to act through his private investment arm, Beverly Hills-based Tracinda Corp., to make changes to his relationship with MGM Mirage.

Chrysler Group announced that Brandon Faurote and Joseph Dehner will replace McKinnon and Tremont and will take on new assignments as vice presidents within the product design office.

China's Chery Automobile Co. said on Wednesday a framework deal with DaimlerChrysler AG (DCXGn.DE) to build Chrysler-branded cars was still proceeding, denying a German paper report it had been halted.

Analysts say Cerberus Capital will have to cut some underperforming dealerships around the country. While it would mean there are fewer of them around, dealership managers here in town say a deal like that has been in the works for a while.

New company owner to focus on smaller, more fuel-efficient cars in bid to regain market share — a necessity local retailers say.

Chrysler is getting some great mileage from its new Jeep Patriot. At the end of NBC's "Deal or No Deal" Monday night, contestant Wesley Autrey looked glum after missing his chance to win $1 million and walking away with just $25.

Despite an uncertain fu ture, local Chrysler dealers say they are feeling optimistic.

SHANGHAI, May 23 (Reuters) - China's Chery Automobile Co. said on Wednesday an earlier framework deal with DaimlerChrysler AG is still proceeding, denying a German paper report that the project had been halted.

- Chrysler Group to invest $730 million in new Southeast Michigan engine plant - New engine plant part of $3 billion Chrysler Group "Powertrain Offensive" - New V-6 engine to provide increased fuel efficiency What: Chrysler Group will host a groundbreaking ceremony at the future site of the Company's V-6 Phoenix Engine Plant.

NEW YORK – Fresh off a buyout, the Chrysler Group is now expected to take a new look at different marketing techniques to help bring the brand back to health.

Top Chrysler executives have launched a major internal communications push to help explain to still-jittery employees what the sale of the automaker to Cerberus Capital Management LP will mean to them.

FRANKFURT, Germany — Chery Automobile reportedly wants to re-examine its agreement to build small cars for Chrysler, in the wake of DaimlerChrysler's sale of the U.S. auto group to private-equity firm Cerberus Capital Management.

FRANKFURT, Germany — Chery Automobile reportedly wants to re-examine its agreement to build small cars for Chrysler, in the wake of DaimlerChrysler's sale of the U.S. auto group to private-equity firm Cerberus Capital Management.

Chrysler Group announced that Brandon Faurote and Joseph Dehner will replace McKinnon and Tremont and will take on new assignments as vice presidents within the product design office.

Two years from today on what are now empty fields and woods, Chrysler Group hopes to produce axles officials say will play a critical role in making more fuel-efficient vehicles.

The refusal of the United Auto Workers to make health care concessions to DaimlerChrysler did not prompt the recent decision by the company to sell 80% of the Chrysler Group to a private equity firm, DaimlerChrysler CEO Dieter Zetsche said on Wednesday, the Detroit Free Press reports (Higgins, Detroit Free Press, 5/17). [click link for full article]

If the U.S dollar continues its multi-year slide, we may see a dramatic rebirth of the United States as a manufacturing capital of the world.

Researched by Industrial Info Resources(Sugar Land, Texas). Earlier this week, DaimlerChrysler AG (NYSE:DCX) soldan 80.1% stake in its money losing Chrysler unit to Cerberus CapitalManagement LP, a private equity firm. The future Daimler AG will retain19.1% of its Chrysler shares.

The Chrysler Group said Monica Emerson was named to the Oakland University Board of Trustees for a term ending Aug. 11, 2014.

LIVONIA, Mich. -- Lee Iacocca thinks there's a lot of life left in Chrysler Corp., the company he once saved from bankruptcy.

Chrysler Group today announced that Monica Emerson, Executive Director - Corporate Diversity Office has been appointed by Michigan Governor Jennifer Granholm to the Oakland University Board of Trustees for a term ending August 11, 2014.

DETROIT — The Chrysler unit of DaimlerChrysler AG broke ground yesterday afternoon on a $700 million axle plant near Marysville, Mich., about 50 miles northeast of here.

Researched by Industrial Info Resources (Sugar Land, Texas). Earlier this week, DaimlerChrysler AG sold an 80.1% stake in its money losing Chrysler unit to Cerberus Capital Management LP, a private equity firm.

Chery, the Chinese automaker that formed a limited partnership with DaimlerChrysler AG to build Chrysler-branded cars, wants to re-examine the deal in light of Chysler's sale to Cerberus, a newspaper reported Monday.

FRANKFURT, Germany–Chery, the Chinese auto maker that DaimlerChrysler AG formed a limited partnership with to build Chrysler-branded cars, wants to re-examine the deal in light of the sale to Cerberus, a newspaper reported yesterday.

ST. CLAIR TWP. - If there was any apprehension about his company being owned by a private equity firm, General Holiefield wasn't showing it during a groundbreaking ceremony for a new Chrysler plant.

Chrysler launches $700m axle plant project in Michigan

Chery, the Chinese automaker that DaimlerChrysler formed a limited partnership with to build Chrysler-branded cars, wants to re-examine the deal in light of the sale to Cerberus, a newspaper reported Monday.

MARYSVILLE -- At a time when most communities are worried about auto plants being shut down, Marysville city officials welcomed what promises to be a new Chrysler axle plant and 900 jobs.

MARYSVILLE -- A senior United Auto Workers official said Monday that the union's relationship with new Chrysler owner, Cerberus Capital Management LP, is on good footing and the ownership change will not alter its bargaining approach in September.

Chrysler Group has named Simon Boag head of procurement and supply to succeed Peter Rosenfeld, who is leaving the company.

Officials at Chrysler Financial Services reportedly see little chance of a merger with GMAC Financial Services, even though the two vehicle finance companies soon will be majority owned by Cerberus Capital Management.

FRANKFURT, Germany (Reuters)—DaimlerChrysler has assumed a $1 billion risk from Chrysler should its pension plans be terminated before an agreement with the Pension Benefit Guaranty Corp. expires in five years.

MARYSVILLE, Mich., May 21 -- Chrysler Group broke ground today at the future site of the Marysville Axle Plant its Marysville, Mich. Chrysler Group executives were joined by UAW officials and state and local dignitaries to celebrate the $700 million Michigan investment.

In case you missed it, private equity is having a gonzo year. Just last week, three major firms agreed to private-equity buyouts, including American auto icon Chrysler. On Monday Blackstone Group set its IPO price range at $21 to $31 a share, signaling that the $4 billion offering could occur within weeks.

Ex-Chrysler boss Lee Iacocca has a new book out, and he says he wanted to tell readers what to look for in a leader.

LIVONIA, Mich. -- In his new book, Lee Iacocca says he wanted to tell readers what to look for in a leader. Apparently, President George Bush and Congress are not places to...

HEAR IACOCCA'S SPEACH: Former Chrysler Corp. Chairman Lee Iacocca on Monday plugged his new book before a crowd in Livonia, but Chrysler's one-time savior had nothing at all to say about the big news of the month. [Audio inside]

New Orleans police are looking for an armed robber who they said held up a man at a car wash over the weekend.

ST. CLAIR TOWNSHIP -- Chrysler officials, eager to show that their new owners are investing in the business as scheduled, broke ground today on a $700 million axle plant north of Detroit.

Chrysler officials, eager to show that their new owners are investing in the business as scheduled, broke ground Monday on a $700 million axle plant north of Detroit.

ST. CLAIR TOWNSHIP, Mich. -- Chrysler officials, eager to show that their new owners are investing in the business as scheduled, broke ground Monday on a $700 million axle plant north...

Chrysler officials break ground on a $700 million axle plant near Port Huron.

Chrysler Group broke ground today at the future site of the Marysville Axle Plant its Marysville, Mich. Chrysler Group executives were joined by UAW officials and state and local dignitaries to celebrate the $700 million Michigan investment.

AUBURN HILLS, Mich., May 21 -- Chrysler Group today announced that Peter Rosenfeld, Executive Vice President-Procurement and Supply-Chrysler Group, has decided to leave the company after 25 years of service. He will be succeeded by Simon Boag.

DETROIT—Changes will come quickly for the Chrysler Group. Scrapping underperforming sub-brands, streamlining marketing as well as its dealership network and tweaking design are all on the slate, analysts said.

A new flagship model based on the Chrysler Imperial Concept, that was unveiled at the 2006 Detroit Auto Show, will be Chrysler’s key to stay in the game after its split from Daimler.

Chrysler officials are eager to show that their new owners are investing in the business as scheduled. To that end, the automaker was to break ground Monday afternoon on a $700 million axle plant north of Detroit.

DETROIT -- Chrysler officials are eager to show that their new owners are investing in the business as scheduled. To that end, the automaker was to break ground Monday afternoon...

The Chrysler Group is confident that it will be able to finalize a deal with Chinese carmaker Chery Automobile Ltd. in spite of the disruption caused by DaimlerChrysler AG's planned sale of the Auburn Hills automaker.

Peter Rosenfeld, Chrysler Group's head of procurement and supply, will leave the Auburn Hills automaker after 25 years, the company said today.

It's a health-care company with car issues. And fixing it may require reshaping the U.S. auto industry

Consolidation continues to shrink the number of Buffalo-area auto dealerships.

Chery, the Chinese automaker that DaimlerChrysler AG formed a limited partnership with to build Chrysler-branded cars, wants to re-examine the deal in light of the sale to Cerberus, a newspaper reported Monday.

Chinese automaker Chery wants to re-examine a deal to build Chrysler-branded small cars following the sale to Cerberus, a German newspaper said on Monday.

Stuttgart- Chery, the Chinese carmaker, has frozen a cooperation agreement with Chrysler, saying it was surprised by the US automaker's demerger from DaimlerChrysler, an executive told the German newspaper Handelsblatt on Monday. The general manager ...

Chrysler Group today announced that Peter Rosenfeld, Executive Vice President-Procurement and Supply-Chrysler Group, has decided to leave the company after 25 years of service.

The Editor of the Delaware Business Ledger offers his views during the May 16th editon of WHYY TV’s Delaware Tonight. Requires RealPlayer. Download at

Private equity money is making its largest foray yet into the wireless business. The companies Goldman Sachs and TPG Capital agreed Sunday to purchase Alltel, for more than $27 billion. Private equity is gobbling up companies of all types these days, They have announced a total of $392 billion of takeovers already this year, including last week's high-profile buyout of Chrysler.

Despite earlier reports that the joint-venture between Chrysler and Chery was still on track, news has surfaced that China’s Chery Auto has halted proceedings following the announcement of the sale of Chrysler to Cerberus last week.

With falling sales, Chrysler has closed over 10% of their dealerships over the last 4 years. So far that’s not enough. Under the control of Cerberus, the Chrysler Group will likely close hundreds more over the next 2-3 years. Chrysler currently has about 3,700 dealers in the U.S.

NEW YORK Changes will come quickly for the Chrysler Group. The scrapping of underperforming sub-brands, streamlined marketing and design tweaks are all on the slate, analysts said.

Detroit had already been trying to trim its dealership ranks. News of Chrysler's sale to a private equity firm is raising speculation that many more dealers will be put on the chopping block.

Detroit had already been trying to trim its dealership ranks. News of Chrysler's sale to a private equity firm is raising speculation that many more dealers will be put on the chopping block.

FRANKFURT, Germany May 21, 2007; The AP reported that Chery, the Chinese automaker that DaimlerChrysler AG formed a limited partnership with to build Chrysler-branded cars, wants to re-examine the deal in light of the sale to Cerberus, a newspaper reported Monday.

DaimlerChrysler (DCXGn.DE) has assumed a $1 billion risk from Chrysler should its pension plans be terminated before an agreement with U.S. agency Pension Benefit Guaranty Corporation (PBGC) expires in five years.

Chery, the Chinese automaker that DaimlerChrysler AG formed a limited partnership with to build Chrysler-branded cars, wants to re-examine the deal in light of the sale to Cerberus, a newspaper reported Monday.

Logos and legends. Cerberus Capital Management completed the acquisition of 80.1 percent of Chrysler from DaimlerChrysler in a $7.4 billion deal. Daimler will keep 19.9 percent.

I'm not a numbers geek, but there was one number in last week's Chrysler deal that grabbed my attention.

Chrysler was planning to present its first Chinese-built compact car in China in April, a plan that was foiled by the sale of the unit, the newspaper said.

The DaimlerChrysler chief executive, Dieter Zetsche, has predicted that Chrysler's new owners will win health care concessions from a union, achieving a goal that he was unable to attain during the past 18 months.

FRANKFURT (Thomson Financial) - DaimlerChrysler AG has given a guarantee to absorb 1 bln usd of the billions of pension obligations to Chrysler employees if the pension plans are dissolved in five years, Financial Times Deutschland said, citing US pension guarantee agency PBGC.

DETROIT – During Chrysler’s big-money years of the past decade, hits such as the 300, the new Ram pickup and the funky PT Cruiser drew people into showrooms by the thousands.

NEW YORK – Cerberus Capital Management, a private equity firm named after the three-headed hound that guarded the gates of hell in Greek mythology, got its start 15 years ago buying securities of distressed companies.

NEW YORK – Cerberus Capital Management on Friday said seven major North American banks and investment banks have agreed to raise the $62 billion needed to refinance the debt and recapitalize Chrysler Group.

The report cited PBGC agency director Vince Snowbarger as saying that pension plans would normally be dissolved in case a company is declared insolvent. DaimlerChrysler declined comment to the newspaper.

Chrysler's new owners, Cerberus Capital Management LP, will need concessions from the UAW to trim costs and become competitive with Japanese automakers, industry experts say, but labor cuts alone will not turn Chrysler into a success.

Massive changes in store as Cerberus kicks Chrysler Group's tires. May 21, 2007 By Steve Miller

Back in his days at General Motors Corp., Chrysler CEO Tom LaSorda was the minister of lean.

DaimlerChrysler stock is tipped to rise after the disposal of Chrysler to a private equity firm last week.

DETROIT - With Detroit automakers losing billions of dollars and their market share in a slump, this summer's contract talks with the United Auto Workers promised to be more contentious than ever.

Auto dealer Rick Varner didn't think the speculation that DaimlerChrysler intended to sell off its struggling Chrysler division would affect his Northeast Ohio business.

Chrysler concepts, N2A, Cerberus and Daimler.

Nassau, Trailhawk, Demon and some other specials.

Which one should head into production?

It may be, of course, that Cerberus is taking a calculated bet that it can pass the parcel - that is, that Chrysler can be sold on before the risks are realised. If so, that would be troubling for the private equity industry as a whole. For Chrysler is not an isolated case.

Every time you think private equity has scaled the peaks of death-defying risk, a new Everest comes into view. Cerberus's purchase of Chrysler is only tangentially to do with the fortunes of a clapped-out carmaker.

Company becomes a takeover target.

Turf protection and expansion abroad, they say.

Two people were seriously injured and two moderately injured in a one-car crash in Benton County Sunday morning, according to a Missouri State Highway Patrol report. A 1996 Chrysler, driven by Timothy F. Oswald, 18, Sedalia, lost control while taking a curve and skidded off the right side of Route H, east of Herbert Road. The vehicle struck a ditch and overturned. Passengers Kathy Duncan, 17, and ...

Every time you think private equity has scaled the peaks of death-defying risk, a new Everest comes into view. Cerberus’s purchase of Chrysler is only tangentially to do with the fortunes of a clapped-out carmaker.

Chrysler and Bausch & Lomb join the rush to go behind closed doors.

The Editor of the Delaware Business Ledger offers his views during the May 16th editon of WHYY TV’s Delaware Tonight. Requires RealPlayer. Download at

WHEN Stephen Feinberg went hunting for elk in Colorado for the first time several years ago, he reportedly scaled a 3353m peak and killed his prey with the first shot.

Providing 62 billion to refinance debt.

After spending months studying Chrysler, Cerberus Capital Management must have seen profit when the private-equity firm acquired the U.S. automaker for $7.45 billion.

Auto dealer Rick Varner didn't think the speculation that DaimlerChrysler intended to sell off its struggling Chrysler division would affect his Northeast Ohio business.

Automaker a 'diamond in the rough' to buyer A company that is losing money and market share, carries enormous pension and health-care burdens and faces difficult union negotiations is just another fixer-upper for private-equity firm Cerberus Capital Management LP.

Everyone is talking about the Chrysler deal. My question, what is a private equity firm?

DETROIT – During Chrysler’s big-money years of the past decade, hits such as the 300, the new Ram pickup and the funky PT Cruiser drew people into showrooms by the thousands.

NEW YORK – Cerberus Capital Management, a private equity firm named after the three-headed hound that guarded the gates of hell in Greek mythology, got its start 15 years ago buying securities of distressed companies.

NEW YORK - Cerberus Capital Management L.P.'s planned takeover of Chrysler Group marks a power shift on Wall Street as private-equity firms transform not only their image, but how - and why - big deals get done.

Are nonpublic owners better at fixing troubled companies? The deal that gives control of auto giant Chrysler Group to private equity company Cerberus Capital Management might be a defining moment for the buyout chieftains who are sweeping large chunks of corporate America into their portfolios.

Should Chrysler bring back the Pentastar logo as a proud symbol of removing Daimler from the front of its name? Or should the automaker start anew now that Cerberus Capital Management is about to become its parent?

It will be the perfect car for the highly paid Cerberus executive. The day after Cerberus Capital Management LLC announced it was buying Chrysler, the Toronto Star reported Chrysler will build the luxurious Imperial concept car shown at the 2006 North American International Auto Show in Detroit.

Automaker a 'diamond in the rough' to buyer A company that is losing money and market share, carries enormous pension and health-care burdens and faces difficult union negotiations is just another fixer-upper for private-equity firm Cerberus Capital Management LP.

The deal that gives control of auto giant Chrysler Group to private-equity company Cerberus Capital Management might be a defining moment for the buyout chieftains who are sweeping large chunks of corporate America into their portfolios.

At Cerberus Capital Management, Stephen Feinberg has assembled experienced hedge fund players, top corporate executives and political heavy-hitters. Now, Feinberg takes on what may be his biggest task yet -- trying to turn around a troubled American icon.

1. Now that Chrysler likely will have a new owner, Cerberus Capital Management, what will its new symbol be?

A few days before the Valentine's Day Massacre in Auburn Hills three months ago -- when DaimlerChrysler AG put its slumping Chrysler Group up for sale by declaring "all options open" -- Chrysler President Tom LaSorda began to quietly inform a few key executives about the impending news.

At a news conference this week in Stuttgart, Germany, the usually secretive private equity firm Cerberus Capital Management was in the spotlight, announcing an agreement to take control of Chrysler.

DETROIT - Ron Gettelfinger, president of the United Automobile Workers union, is a man of few words, so it is never easy to be sure what he is thinking.

NEW YORK -- Cerberus Capital Management on Friday said seven major North American banks and investment banks have agreed to raise the $62 billion needed to refinance the debt and recapitalize Chrysler Group.

When Dieter Zetsche returned to Germany in the fall of 2005 as the next CEO of DaimlerChrysler, one of his top priorities was to step up the reluctant cooperation between Mercedes-Benz and the Chrysler Group. "Early on in my new assignment, I pushed the organization to leverage the merger to the maximum extent," Zetsche said last week.

Private means private for Cerberus. With his acquisition of Chrysler, founder Stephen Feinberg may be more important than Bill Ford, heir of Henry Ford.

Cerberus Capital Management's planned takeover of Chrysler Group marks a power shift on Wall Street as private equity firms transform not only their image, but how -- and why -- big deals get done.

During Chrysler's big-money years of the past decade, blockbuster hits such as the 300, the new Ram pickup and the funky PT Cruiser drew people into showrooms by the thousands.

During Chrysler's big-money years of the past decade, blockbuster hits such as the 300, the new Ram pickup and the funky PT Cruiser drew people into showrooms by the thousands.

Chrysler goes private in $7.4 billion deal:%%endhead%%DaimlerChrysler sold its Chrysler division to private equity firm Cerberus Capital Management for $7.4 billion. Cerberus also will assume $19 billion in retiree health-care obligations for members of the United Auto Workers.

It's a health-care company with car issues. And fixing it may require reshaping the U.S. auto industry

Ron Gettelfinger, president of the United Auto Workers, could make the spun-off Chrysler Corp. successful, at no...

WROCLAW, Poland This capital town of Poland's southwestern province of Lower Silesia is one of the reasons the troubled nine-year relationship between America's Chrysler Group and Germany's Daimler-Benz , known as DaimlerChrysler during the years of merger, eventually fell apart.

New York - Cerberus Capital Management on Friday said seven major North American banks and investment banks have agreed to raise the $62 billion needed ...

NEW YORK — Cerberus Capital Management on Friday said seven major North American banks and investment banks have agreed to raise the $62 billion needed to refinance the debt and recapitalize Chrysler Group.

London, May 19 (ANI): A car that once belonged to British Prime Minister Tony Blair and his wife Cherie Blair is up for sale on eBay. According to Scotsman, the seven-seater Chrysler Grand Voyager cost the Blairs 30,000 pounds at the time of its purchase in 1998, and now it has a reserve price of 3,000 pounds. Owner Demian Brewster bought it in 2003 from a Ukranian businessman for 15,000 pounds. ...

With Detroit automakers losing billions and their market share in a slump, this summer's contract talks with the United Auto Workers promised to be more contentious than ever.

Detroit With Detroit automakers losing billions and their market share in a slump, this summer's contract talks with the United Auto Workers promised to be contentious.

To understand how bad things are in the U.S. auto industry, look no farther than the $7.4 billion deal for Chrysler. When the Hound of Hell is a savior, you know you've got problems.

The Chrysler Group took its latest concept cars cruising down Lakeshore Drive in the Grosse Pointes on Friday to see which ones generated the most consumer buzz, and therefore show promise for future production.

NEW YORK -- Cerberus Capital Management on Friday said seven major North American banks and investment banks have agreed to raise the $62 billion needed to refinance the debt and recapitalize Chrysler Group.

It's been a rough stretch of road for the U.S. auto industry. Last Monday, we learned that Daimler had sold Chrysler for scrap metal. President Bush vowed to start regulating tailpipe emissions. California Gov. Arnold Schwarzenegger announced new low-carbon fuel standards, a firm shove to the entire transportation sector. And gas prices hit an all-time high -- bad news for carmakers that keep ...

DETROIT -- Chrysler's 80,000 workers may pay the price for German-based parent DaimlerChrysler's decision on Monday to turn over the keys of its U.S. car company to private equity firm Cerberus Capital Management for $7.4 billion.

A private investment group is buying most of Chrysler Group from automaker DaimlerChrysler AG, which buys components manufactured at export plants in Reynosa and Matamoros.

Chrysler has recently been better known for its success at finding corporate saviors than for the quality of its balance sheet.

The New York-based private equity firm announced on Monday it would acquire the U.S. automaker from Germany's Daimler-Chrysler AG for $7.4 billion. But Cerberus revealed little else about how it would finance the takeover.

Cerberus Capital Management on Friday said seven major North American banks and investment banks have agreed to raise the $62 billion needed to refinance the debt and recapitalize Chrysler Group.

Marysville city officials hope to have a plan in place in the next couple of weeks for annexing land for a new Chrysler plant. City Manager Jack Schumacher, St. Clair Township Supervisor Sandra Kilby and other officials met May 7 to discuss the proposed annexation at Davis Road and Busha Highway.

Chrysler Group has named new vice presidents at its product design office, replacing David McKinnon and Thomas Tremont, who are retiring this summer.

Co. will keep 19.9% stake after deal worth $7.45B. BERLIN - DaimlerChrysler AG's supervisory board formally approved plans to shed its money-losing Chrysler unit on Wednesday, clearing the way for one of Germany's oldest carmakers to re-enter the market as a streamlined Daimler AG.

May 18 (Bloomberg) -- DaimlerChrysler AG Chief Executive Officer Dieter Zetsche said his time leading Chrysler, the carmaking division being sold to Cerberus Capital Management LLC, wasn't a ``failure.''

AUBURN HILLS, Mich., May 18 -- Chrysler Group announced the appointment of Brandon Faurote and Joseph Dehner to Vice President positions within the Product Design Office, replacing David McKinnon and Thomas Tremont, both of whom have announced their intentions to retire.

My phone started ringing off the hook the day Daimler's (DCX) deal to sell Chrysler to Cerberus was announced. The reactions were mixed. Some people thought it was a hell of a deal. Others thought it was a deal from hell.

May 18 (Bloomberg) -- DaimlerChrysler AG Chief Executive Officer Dieter Zetsche said his time leading Chrysler, which is being sold to Cerberus Capital Management LLC, wasn't a ``failure.''

May 18 (Bloomberg) -- DaimlerChrysler AG Chief Executive Officer Dieter Zetsche said his time leading Chrysler, which is being sold to Cerberus Capital Management LLC, wasn't a ``failure.''

FRANKFURT (Thomson Financial) - DaimlerChrysler AG aims to become more profitable than rival Bayerische Motoren Werke AG following the sale of its troubled Chrysler unit, chief executive Dieter Zetsche told trade magazine Auto Motor und Sport in an interview.

Chrysler plans future vehicle. The folks over at The Star are reporting that Chrysler is going to build a fifth model at their Brampton plant in Ontario, which currently assembles the 300, Charger, and Magnum.

The ex-Chrysler chief talks about his reaction to the buyout and explains how Cerberus could rise to the occasion

Detroit- Chrysler has brought back its Pentastar logo as a rallying cry for employees since the announcement that it would be sold to Cerberus Capital Management LP.

WASHINGTON (AP) - The federal agency that insures private pension plans for millions of Americans said Thursday that DaimlerChrysler's Daimler unit had agreed to pay $1 billion into Chrysler's pension plan if it is

Chrysler has brought back its Pentastar logo as a rallying cry for employees since the announcement that it would be sold to Cerberus Capital Management LP.

FRANKFURT (Thomson Financial) - Private equity group Cerberus plans to pay back DaimlerChrysler AG a 36 bln usd "inter-company loan" the car giant gave to its ailing Chrysler subsidiary, reported Boersen-Zeitung, in an interview with DaimlerChrysler's chief financial officer Bodo Uebber.

Two veteran Chrysler designers are expected to announce their retirements today. Tom Tremont, 57, vice president for advanced design, and Dave McKinnon, 64, vice president responsible for small, premium and family cars, will retire in the next six weeks.

Dissident voices -- of current workers and a former chairman -- are rising over DaimlerChrysler AG and the deal to split it back in two. UAW members who wanted to take Chrysler private as an employee-owned company lashed out Thursday at their union's leadership for not aiding their efforts.

Cerberus is to return the credit to DaimlerChrysler following the closure of the transaction of its acquisition of Chrysler, the report added. Cerberus has the necessary financing in place, due to an agreement it made with a banking consortium, the report said, citing Uebber.

DETROIT — General Motors Corp. has paid close attention to the sale of rival Chrysler to a private equity firm, but doesn’t expect other auto companie...

DETROIT — General Motors Corp. has paid close attention to the sale of rival Chrysler to a private equity firm, but doesn’t expect other auto companies to travel a similar path, GM Chairman and CEO Rick Wagoner said Thursday.

John W. Snow, former Treasury secretary, is one of the latest politicians hired by private equity for their government connections and skills.

DaimlerChrysler on Monday announced an agreement to sell 80% of the Chrysler Group to private equity firm Cerberus Capital Management, a move that will allow DaimlerChrysler to eliminate health care and pension liabilities for Chrysler employees and retirees, the Washington Post reports. Under the agreement, Cerberus will pay DaimlerChrysler $1.35 billion and contribute $6. [click link for full ...

DETROIT -- Private equity firm Cerberus Capital Management LP likely will be the winning bidder to buy Chrysler Group from DaimlerChrysler AG, and an announcement could come as early as today, a company official said Sunday.

The future of Chrysler under its new management began to take shape this week as executives laid out a promise to save the automaker's brands.

Cerberus chairman John Snow discusses his vision for Chrysler, his views on stripping and flipping, and what his firm's acquisition of the automaker will mean for Detroit.

Private-equity firm Cerberus is expected to transform Chrysler into an automobile manufacturer like no other. What the future may hold.