Cerberus Capital Management news stories on Newser

Investors Ditch Once Lofty Cerberus Fund

Harry Kimball — Sat, 29 Aug 2009 15:48:00 CDT

Hedge-fund investors are leaving once-vaunted investment firm Cerberus Capital Management in droves, the Wall Street Journal reports. The firm, whose acquisitions of Chrysler and GMAC turned disastrous, is seeing $5.5 billion in capital—or 71% of its hedge fund assets—walk out the door. "We have been surprised by...

UAW to Own 55% of Chrysler

Kevin Spak — Tue, 28 Apr 2009 08:07:28 CDT

The United Auto Workers are about to own Chrysler. In exchange for a variety of concessions, the union will eventually get a 55% majority share in the automaker, according to a summary of the restructuring deal, which was sent to union leaders late last night and reviewed by the Wall...

GMAC Grabs $6B Federal Lifeline

Rob Quinn — Tue, 30 Dec 2008 03:41:13 CST

The federal government is dishing out a $6 billion bailout to keep auto financing giant GMAC afloat, the New York Times reports. The Treasury Department will spend $5 billion to buy a stake in the former General Motors subsidiary, and will loan GM a further billion so the company can...

GM Finance Arm Converts, Will Tap Bailout

Ambreen Ali — Wed, 24 Dec 2008 16:43:17 CST

The Federal Reserve today approved a request by General Motors’ financial arm to become a bank-holding company so it can petition for money from the $700 billion bailout pot, the Wall Street Journal reports. GMAC would also have access to direct Fed loans, helping loosen credit and complement the $17....

GM, Chrysler Revive Merger Talks

Rob Quinn — Thu, 18 Dec 2008 01:46:01 CST

General Motors and Chrysler are back in merger talks, reports the Wall Street Journal . Negotiations fizzled weeks ago as both companies viewed a merger as impractical and a potential distraction from federal bailout talks. Chrysler owner Cerberus Capital Management took the initiative to restart talks, and has signaled a willingness...

Sound the Chrysler Death Knell: Analysts

Jim O'Neill — Thu, 11 Dec 2008 08:33:17 CST

Chrysler’s lack of profitable vehicle lines will lead to its demise, reports the Detroit Free Press, regardless of whether the feds jump in with a bailout. With bad market conditions predicted to worsen next year, the struggling automaker will downshift its production on some lines and eliminate others, prompting bankruptcies...

GM-Chrysler Inch Closer to Deal

Ambreen Ali — Wed, 29 Oct 2008 13:57:30 CDT

General Motors and Chrysler have ironed out the major issues in their proposed merger, bringing the troubled giants a step closer to becoming the world's largest automaker. The deal's final form will depend on financing and government support—of which GM is requesting $10 billion—but both companies agree GM...

Chrysler Flirts With Nissan- Renault as GM Seeks Credit

Clay Dillow — Tue, 21 Oct 2008 10:21:13 CDT

Chrysler is considering joining Nissan-Renault, adding a North American arm to the Japanese-French auto alliance that could rescue Chrysler’s operations, the Wall Street Journal reports. Cerberus, Chrysler’s majority owner, prefers a merger with General Motors, but overlap with a Detroit competitor would likely eliminate half of Chrysler’s 66,000 jobs....

Ford Put Brakes on GM Merger Talks

Wesley Oliver — Sat, 11 Oct 2008 17:34:17 CDT

Ford rejected merger overtures from GM earlier this year and decided to ride out its financial issues alone, the Wall Street Journal reports. The GM-Ford talks were “very loose and preliminary, more exploratory in nature than anything else,” a source said. Both companies have denied bankruptcy rumors, but credit rating...