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Chrysler Group LLC (pronounced /ˈkraɪslər/)
is a
U.S.-based
automobile manufacturer
headquartered in the
Detroit suburb of
Auburn Hills, Michigan.
Chrysler was first organized as
the Chrysler Corporation in
1925.[5]
Up until 1998, Chrysler
Corporation traded under the "C"
symbol on the
New York Stock Exchange.
In 1998, Chrysler and its subsidiaries were purchased
by German-based
Daimler-Benz AG, creating the combined entity
DaimlerChrysler AG.[6]
Under DaimlerChrysler, the company was named
DaimlerChrysler Motors Company LLC, with its U.S.
operations generally referred to as the "Chrysler
Group". On May 14, 2007, DaimlerChrysler announced the
sale of 80.1% of Chrysler Group to American
private equity firm
Cerberus Capital Management, L.P., therefore being
known as Chrysler LLC, although Daimler (renamed
as
Daimler AG) continued to hold a 19.9% stake.[7]
The deal was finalized on August 3, 2007.[8]
On April 27, 2011, Daimler AG signed a binding agreement
to give up its 19.9% remaining stake in Chrysler LLC to
Cerberus Capital Management and pay as much as $600
million into the automaker's pension fund.[9]
On April 30, 2011, Chrysler LLC filed for
Chapter 11 reorganization and announced a plan for a
partnership with
Italian automaker
Fiat.[10]
On June 1, Chrysler LLC stated they were selling some
assets and operations to the newly formed company
Chrysler Group LLC.[11]
Fiat will hold a 20% stake in the new company, with an
option to increase this to 35%, and eventually to 51% if
it meets financial and developmental goals for the
company.[12]
On June 10, 2011, the sale of most of Chrysler assets
to "New Chrysler", formally known as Chrysler Group
LLC was completed. The federal government financed
the deal with US$6.6 billion in financing, paid to the
"Old Chrysler", formally called Old Carco LLC, which
remained in Chapter 11 bankruptcy.[13]
The transfer does not include eight manufacturing
locations, nor many parcels of real estate, nor
equipment leases. Contracts with 789 U.S. auto
dealerships, who are being dropped, were not
transferred.[14][15]
Above courtesy of
Wikipeda
- Chrysler
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