http://freep.com/apps/pbcs.dll/artic...705040304/1002

 

That's sad news. I graduated from CCS with one of their top designers. They have some talent on their design staff that I am sure will be scooped up by another manufacturer. GM would do well by hiring some of them.

 

Hmm, I guess filling in the void left by all those Trans Am WS6 and Grand Am SCT conversions hasn't been easy.

Too bad, weren't they getting into complete vehicle design as opposed to just adding on packages to exisiting cars not too long ago?

 

Surprising, I had no idea they were in trouble.

 

Things went downhill fast after GM cancelled the SSR and 3 other specialty vehicle programs. The company was just awarded a contract for the Sky-Slider roof system on the 2008 Jeep Liberty, which begins production this summer. Chrysler spokesman Mike Aberlich said late Thursday he was unaware of the filing. ASC is asking the court to allow it to continue operations.
I bet someone from DiamlerChrysler will be at todays hearing to observe the court proceedings.

 

Guys, this is REORGANIZATION.
It does not mean the doors are closed and everybody went home.

If they can get relief and show that they have a business plan to get things going the right way, they will be fine.

Chapter 11 just tells the world that this company is not worthy of any credit, and the creditors they owe can expect little or no payments for a while.

Hopefully, they will pull out and become stronger and leaner for it all in the end.