Announcement from:
Bob Nardelli
Chairman and CEO
Chrysler LLC
I am very pleased to announce
that Chrysler LLC has signed an agreement in principle to establish a
global strategic alliance with Fiat to create a vibrant new car company.
For the past several months, we have worked tirelessly to reach agreement
with key stakeholders on concessions that would allow Chrysler to complete
this alliance with Fiat and proceed with its plans without the need for a
bankruptcy proceeding. Despite substantial progress on many fronts, the
support of the U.S. and Canadian governments, and agreements with most
parties, including our unions, dealers and suppliers, it was not possible
to obtain the necessary concessions from all of our lenders. As a result,
to facilitate this alliance with Fiat and to create a new company,
Chrysler filed voluntary petitions for a structured bankruptcy under
Chapter 11 of the U.S. Bankruptcy Code in U.S. Bankruptcy Court for the
Southern District of New York.
Here's what is meant by a "structured" bankruptcy: With this filing, we
will also submit a motion under Section 363 of the Bankruptcy Code,
requesting the swift approval by the Court of the agreement with Fiat and
the sale of Chrysler's principal assets to a new company. With the
approval of the Court, a new stronger Chrysler will be out of bankruptcy
in 30 to 60 days.
To clarify our position here in Canada, Chrysler Canada has not filed for
bankruptcy protection and is not part of any bankruptcy filing. Rest
assured that there will not be a moment's interruption in our work to meet
the needs of all our customers. The company will seamlessly honor all
warranty claims and service contracts. Chrysler will continue to produce
and support quality vehicles over the long term, under the Chrysler Jeep®
and Dodge brands and parts under the Mopar brand.
Some may be wondering if purchasing a Chrysler vehicle now is a wise
investment. Beginning today, Chrysler can look forward to its future with
great optimism. In most cases your local Chrysler, Jeep and Dodge dealer
has vehicles to sell that are well priced and with attractive customer
incentives. Your local dealer would welcome the opportunity to speak with
you about today's products, which have the highest quality rankings of any
in our history.
We are profoundly grateful for the support of the millions of owners of
Chrysler vehicles. We take enormous pride in the contributions we have
made to our industry, are honored by the trust you have placed with us for
over 80 years, and look forward to continuing to serve you for many years
to come.
Again, I thank you for your support and look forward to serving you with
outstanding products and service from a strong new Chrysler.
Sincerely,
Bob Nardelli
Chairman and CEO
Chrysler LLC
Part of our ongoing effort is to offer you the
most up-to-date and convenient access to useful information and
exceptional customer service. With two locations to serve you, Parry
Sound Dodge-Chrysler Ltd. has a complete inventory of NEW and high
quality pre-owned vehicles. The team at Parry Sound Dodge Chrysler Ltd. believes that
customer service means making your vehicle buying or
leasing experience a
positive one. So whether you are looking to buy a vehicle or
need to book service for your existing vehicle, please give our team a
call.
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