Affidavit of CFO Filed In Chrysler Chapter 11

Ronald E. Kolka, CFO of Chrysler, just filed an affidavit with the USBC/SD of NY.  

He writes:  "In connection with the filing, Chrysler is seeking approval from this Court to consummate the only sale transaction that preserves this company as a going concern and averts a liquidation of historic proportions."  

According to this document, the debtor currently employees approximately 55,000 employees worldwide, about 70% of whom are based in the United States.  The debtor has 32 manufacturing and assembly facilities, 23 of which are in the United States.  The debtor also has 24 parts depots, 20 of which are in the United States.

There are 3200 dealerships in the United States selling the debtor's cars and trucks.  72% of the debtor's sales are in the United States and it purchases 78% of its parts from US suppliers.

For the twelve months ended 12/31/2008, the debtor recorded revenue of more than $48.5 billion with a net loss of approximately $16.8 billion.   Assets are listed as $39.3 billion, liabilities as $55.2 billion. 

Top 5 Unsecured Creditors in Chrysler Case

The 5 largest unsecured creditors in the Chrysler case:

1.  Ohio Module MFG CO LLC ($70.3M)

2.  BBDO Detroit Inc. ($58M)

3.  Johnson Controls ($50.3M)

4.  Continental Automotive Huntsville ($47M)

5.  Cummins Engine Company Inc. ($44M)

Chrysler LLC Files For Chapter 11

Chrysler LLC filed for chapter 11 bankruptcy protection today at the United States Bankruptcy Court for the Southern District of New York.  The automotive manufacturer is based in Auburn Hills, MI.  Ohio Module MFG CO LLC is listed as the largest unsecured creditor with a trade claim of $70.3 million.

Redfield Property Development L.L.C. Files For Chapter11

Redfield Property Development L.L.C. filed for chapter 11 on Friday at the United States Bankruptcy Court for the Western District of Missouri.  The debtor, based in Eugene, MO, listed approximately $3.9 million in liabilities on court filings.