I got this press release from Chrysler today, and thought it was funny that they named the remains of the former ChryCo “Old Carco.” On the plus side, they have volunteered to retain liability for all Chrysler cars, something GM has not done.
“Decision reflects confidence in viability of the company”
Auburn Hills, Mich. -
In a letter sent today to Members of Congress, Chrysler Group LLC announced that the company will accept product liability claims on vehicles manufactured by Chrysler LLC (now OldCarco LLC) before June 10, 2009, and involved in accidents on or after that date. On June 10, 2009, Chrysler Group purchased substantially all of the assets of Old Carco.
More after the jump…..
“We know a lot more about the viability of our business today than when we purchased Old Carco’s assets in its bankruptcy proceedings several months ago,” said John Bozzella, Senior Vice President, External Affairs & Public Policy, Chrysler Group LLC. “While Chrysler Group still faces challenges, we are confident that the future viability of the company will not be threatened if we accept these claims.”
OldCarco filed for bankruptcy protection on April 30, 2009. Following many complex and lengthy hearings, the bankruptcy court approved the sale of substantially all of OldCarco’s assets to a newly formed company, Chrysler Group LLC. As part of the bankruptcy court-approved purchase, Chrysler Group had agreed to assume liability only for cars sold by Chrysler Group. As a result of today’s announcement, Chrysler Group’s approach is consistent with that taken by General Motors as part of its bankruptcy process.
“We want our customers to feel comfortable and confident buying, driving and enjoying one of our vehicles,” Bozzella said. “Chrysler Group vehicles meet or exceed all applicable federal safety standards and have excellent safety records.”
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