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post #21 of 126 (permalink) Old 08-05-2009, 02:54 PM Thread Starter
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Appeals Court Issues Chrysler Sale Opinion

* August 5, 2009, 3:59 PM ET

Appeals Court Issues Chrysler Sale Opinion

Nearly two months after Chrysler’s controversial bankruptcy sale closed, the 2nd U.S. Circuit Court of Appeals has issued an opinion on its decision to allow the sale to move forward.

In the opinion released Wednesday, the 2nd U.S. Circuit rejected arguments made by a group of Chrysler’s lenders that the auto maker’s sale was an attempt to subvert Chapter 11 rules. The court also said the lenders, a group of Indiana pension funds, didn’t have standing to challenge the U.S. government’s decision to use money from the Troubled Asset Relief Program to fund the sale of Chrysler’s assets.

Judge Dennis Jacobs, the 2nd Circuit’s chief judge, said the sale was the only way for Chrysler to avoid liquidation, which would have meant far lower recoveries for all creditors, including the lenders. In the opinion, Jacobs said Chrysler was rapidly losing value in Chapter 11 and needed to sell its assets quickly to avoid irreparable damage.

“With its revenues sinking, its factories dark, and its massive debts growing, Chrysler fit the paradigm of the melting ice cube,” Jacobs wrote. “Going concern value was being reduced each passing day that it produced no cars, yet was obliged to pay rents, overhead, and salaries.”

There’s a whole lot more – 53 pages to be exact. You can read the full decision here.http://online.wsj.com/public/resourc...er_opinion.pdf

Article LINK: Appeals Court Issues Chrysler Sale Opinion - Bankruptcy Beat - WSJ

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post #22 of 126 (permalink) Old 08-28-2009, 08:33 AM Thread Starter
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Chrysler Group To Expand Accepted Product Liability Claims

Chrysler Group To Expand Accepted Product Liability Claims

Decision reflects confidence in viability of the company

Auburn Hills, Mich. , Aug 27, 2009 -

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.
"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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post #23 of 126 (permalink) Old 09-15-2009, 02:08 AM Thread Starter
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Chrysler Group LLC Policy

Chrysler Group LLC Policy

Policy Number: 2-6

Subject / Title: Expense Policy

Purpose:
To comply with the Expense Policy requirements set forth in the First Lien Credit Agreement, dated as of
June 10, 2009, with the U.S. Department of the Treasury.

This Expense Policy:
1. Requires compliance with all Requirements of Law.
2. Applies to Chrysler Group LLC and all of its Subsidiaries.
3. Governs:

(A) Hosting, sponsorship or other payment for conferences and events, and requires that the cost to the Chrysler Group company in connection with a conference or event be reasonable and commensurate with the expected benefit to the company;

(B) Travel accommodations and expenditures, and requires that employees arrange (utilizing Chrysler Group’s business travel department to the extent available) for reasonably priced transportation, lodging and meals while conducting business out of town and avoid lavish or extravagant expenditures;

(C) Consulting arrangements with outside service providers, and requires that all consulting arrangements (other than for professional accounting/audit, tax, legal, or investment banking services) that involve payments by a Chrysler Group company to an outside service provider totaling USD $5 million or more during a calendar year be approved in advance by the Chief Executive Officer and the Chief Financial Officer of Chrysler Group LLC;

(D) Any new lease or acquisition of real estate, and requires that a business case supporting the need for such real estate, including an independent appraisal of the market value of comparable real estate, be submitted by the sponsoring organization to those designated under Corporate Process Guideline ADM071 (Delegation of Authority) as having the necessary level of spending authority to approve the transaction; provided that (i) a lease
or acquisition involving a total expenditure in excess of USD $5 million shall require the prior approval of the Chief Financial Officer of Chrysler Group LLC or a committee designated by such officer, (ii) this policy does not apply to the lease or acquisition of dealership properties in the ordinary course of business, and (iii) no appraisal is required if total expenditure is less than $250,000, or if other recent information about market value is obtained;

(E) Expenses relating to office or facility renovations or relocations, and requires that a business case supporting the need for such renovation or relocation be submitted by the sponsoring organization to those designated under Corporate Process Guideline ADM071 (Delegation of Authority) as having the necessary level of spending authority to approve the transaction; provided that a renovation or relocation involving a total expenditure in excess of USD $5 million shall require the prior approval of the Chief Financial Officer or a committee designated by such officer; provided further that this
policy does not apply to the renovation or relocation dealership properties in the ordinary course of business; and 2

(F) Expenses relating to entertainment or holiday parties, and requires that no expenses be incurred by a Chrysler Group company for entertainment or holiday parties exclusively or primarily for the benefit of employees unless such expenses are reasonable in amount and customary in nature, approved in advance by a Senior Vice President or higher graded officer and reported to the Chief Financial Officer of Chrysler Group LLC or its Business Practices Committee; provided that other activities, such as business meals, conducted in accordance with another published Chrysler Group policy or corporate process guideline, including one of those noted below, do not require separate approval under this Expense Policy.

4. Requires the following internal reporting and oversight:

(A) The Corporate Audit Department shall review and, if compliant with this Expense Policy and other applicable corporate policies and guidelines, approve the expense reports of the senior executive officers (Search Engine Optimization, as defined below) within the Chrysler Group (Chrysler Group LLC and Subsidiaries), and report any instances of noncompliance quarterly to the
Audit Committee of Chrysler Group LLC’s Board of Directors;

(B) The Corporate Audit Department shall audit the expense reports of each Senior Employee (as defined below) within the Chrysler Group who is not an Search Engine Optimization for compliance with this Expense Policy annually and report the results to the Audit Committee of Chrysler Group LLC’s Board of Directors;

(C) The Corporate Audit Department shall audit the expense reports of other employees within the Chrysler Group for compliance with this Expense Policy periodically on a random basis and report the results annually to Chrysler Group LLC’s Business Practices Committee; and

(D) Subcertification forms distributed on a quarterly basis in connection with Chrysler Group LLC’s internal control over financial reporting process shall include a statement to the effect that the subcertifier is not aware of any noncompliance with this Expense Policy or that any suspected noncompliance has been reported to Chrysler Group LLC’s Business Practices Committee, or if such suspected noncompliance involves a Senior Employee within the Chrysler Group, to the Audit Committee of Chrysler Group LLC’s Board of Directors.

5. Requires the following mechanisms for addressing non-compliance with this Expense Policy:

(A) Suspected instances of non-compliance with this Expense Policy shall be investigated by the Company’s Business Practices Office and (i) if involving a Senior Employee within the Chrysler Group, shall be reported to the Audit Committee of the Board of Directors, and (ii) if involving other employees, shall be reported to the Business Practices Committee; and

(B) Confirmed instances of non-compliance shall subject the employee to such discipline, up to and including discharge from employment, as the employing Chrysler Group company may deem appropriate under the circumstances after reviewing with the Audit Committee or the Business Practices Committee, as the case may be.

6. Requires that all material amendments of this Expense Policy be approved in advance by the U.S. Department of the Treasury, and that all material deviations (violations or waivers) be reported by Chrysler Group LLC to the U.S. Department of the Treasury.

3
Related Policy Statements: Related corporate policies and corporate process guidelines to be observed in connection with this Expense Policy:
· Policy 1-4 – Conflict of Interests
· Policy 2-4 – Reimbursement of Employee Expenditures
· Policy 11-6 – Transfer or Relocation of Facilities
· Policy 3-4 – Employee Discipline
· CPG ADM071 – Delegation of Authority
· CPG GEN008 – Contract Negotiation and Review
· CPG GEN015 – Business Travel Policy
· CPG GEN016 – Employee Business Expense Reporting
· CPG GEN020 – Corporate Meeting Charge Card Request and Guideline
· CPG GEN021 – Taxation of Employee, Spouse/Companion and Family

Member Travel

Related Expenses

· CPG FIN 105D – Lease Requests

· Chrysler Group U.S. Sales and Marketing – Key Internal Control Processes & Guidelines

Amendments to the above policies require the approval of Chrysler Group LLC’s Business Practices Committee and amendments to the above guidelines required the approval of Chrysler Group LLC’s Internal Control Committee, unless otherwise noted in the policy or guideline. In the event of a conflict
between this Expense Policy and Chrysler Group LLC’s Integrity Code, other Chrysler Group Policies, Corporate Process Guidelines, or codes of conduct, this Expense Policy shall govern.

Definitions:
“Requirements of Law” means, with reference to any Person, the Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or
determination of an arbitrator or a court of competent jurisdiction or other Governmental Authority, in each case applicable to and binding upon such Person and any of its property, and to which such Person and any
of its property is subject.
“Senior Employee” means any of the twenty-five (25) most highly compensated employees (including the SEOs).
SEO” means a senior executive officer as defined in the Emergency Economic Stabilization Act of 2008
(EESA), as amended, and any interpretation of such term by the U.S. Treasury Department, including the rules set forth in 31 C.F.R. Part 30.
“Subsidiary” means, with respect to any Person, any corporation, association, joint venture, partnership, limited liability company or other business entity (whether now existing or hereafter organized) of which at
least a majority of the voting stock is, at the time as of which any determination is being made, owned or controlled by such Person or one or more subsidiaries of such Person.

Policy Number: 2-6
Subject / Title: Expense Policy
Approved by: Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC
Approval Date: July 8, 2009

Rick

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post #24 of 126 (permalink) Old 09-22-2009, 11:02 AM Thread Starter
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Chrysler Group LLC Realigns Powertrain Department

Chrysler Group LLC Realigns Powertrain Department; Appoints Senior Vice President, Chrysler Powertrain

Auburn Hills, Mich., Sep 22, 2009 -

Chrysler Group LLC today, in recognition of the importance of powertrain technologies to the Company’s success, realigned its powertrain organization and named Paolo E. Ferrero Senior Vice President of Chrysler Powertrain.

Chrysler Group is restructuring its Powertrain organization by bringing it under a single point of responsibility, reporting directly to Sergio Marchionne.

In this position, Ferrero is directly responsible for all powertrain activities for Chrysler Group with a focus on technology sharing with the Fiat Powertrain Technologies organization. Additionally, he will provide indirect oversight of powertrain manufacturing, testing, quality, and international operations while also ensuring strong integration and alignment with the Chrysler Group vehicle engineering organization and other supporting functions.

Ferrero joins Chrysler Group from Fiat Powertrain Technologies where he gained extensive experience in product development and powertrain. His most recent position was Vice President – Product Engineering.

Ferrero holds a master’s degree in mechanical engineering from the University of Turin.

Rick

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post #25 of 126 (permalink) Old 10-05-2009, 07:40 AM Thread Starter
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Chrysler Shakes Up Executive Positions

* OCTOBER 5, 2009, 9:33 A.M. ET

Chrysler Shakes Up Executive Positions


The heads of Chrysler Group LLC's Dodge and Chrysler brands resigned, the latest shake-up as the auto maker continues to retool.

Olivier Francois will become president and chief executive of the Chrysler brand. Mr. Francois is a Fiat SpA veteran, most recently heading up the Lancia brand, which he will continue to run. He also will be lead executive for the company's global marketing organization. Michael Manley will stay on as president and CEO of the Jeep brand.

Peter Fong, head of the Chrysler brand resigned for personal reasons, while Dodge chief Michael Accavitti left to pursue other interests, the company said.

Fred Diaz Jr. will serve as president and chief executive for Dodge RAM trucks, while Ralph Gilles will take on those roles for Dodge cars. Mr. Diaz, who has been with the company since 1989, most recently was director of the company's Denver business center. Mr. Gilles will continue to lead Chrysler's product-design organization.

Fiat has been working on a restructuring plan for Chrysler, which is expected to be presented to the U.S. auto task force this month. Chrysler Group CEO Sergio Marchionne has been overseeing a restructuring of the U.S. auto maker since Fiat bought a 20% stake this year.

LINK:Chrysler Shakes Up Executive Positions - WSJ.com

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post #26 of 126 (permalink) Old 10-06-2009, 01:12 PM Thread Starter
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New and departing Chrysler execs

A look at the new and departing Chrysler execs

Mon Oct 5

Chrysler Group LLC on Monday announced a shakeup of top management, as two brand CEOs left and the Dodge brand was split into car and truck operations. The following are key executives involved in the changes.

IN

FRED DIAZ JR.: Diaz, 43, has been tapped to run Chrysler Group LLC's newly created Dodge Ram brand, under which the company's trucks will be sold. He will also be Chrysler's lead U.S. sales executive. Previously, he served as director of the company's Denver operations. Diaz joined Chrysler in 1989.

RALPH GILLES: Gilles, 39, was named head of the new Dodge car brand, in charge of vehicles like the Dodge Avenger sedan and Caliber hatchback, along with minivans. He will continue as Chrysler's vice president of design. Gilles joined Chrysler in 1992.

OLIVIER FRANCOIS: Francois, 48, was named head of Chrysler brand. He served previously as an executive at Fiat Group SpA — Chrysler's new owner — where he led the company's Lancia brand, a position he will keep. He will also be the company's head worldwide marketing executive. Francois joined Fiat in 2005.

OUT

PETER FONG: Fong, 45, was named head of the Chrysler brand in June in one of the first new appointments under Fiat CEO Sergio Marchionne. He served previously as director of the company's Mid-Atlantic operations and has worked at Ford Motor Co.

He resigned for personal reasons, Chrysler said.

MICHAEL ACCAVITTI: Accavitti, 50, headed the Dodge brand, a position he held since June. He was also the company's lead marketing executive, a job he held starting in December 2008. He served previously as director of Dodge brand marketing.

He left the company to pursue other interests, Chrysler said.

Article Link:A look at the new and departing Chrysler execs - Yahoo! News

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post #27 of 126 (permalink) Old 10-28-2009, 05:31 PM Thread Starter
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Chrysler returns $5.5 million bonds to Ind

Chrysler returns $5.5 million bonds to Ind. county

October 28, 2009

INDIANAPOLIS — Chrysler has returned $5.5 million in bonds to an Indiana county to settle a dispute over millions of dollars the county spent toward a transmission plant that a Chrysler supplier stopped building last year.

The Indiana secretary of state's office said Wednesday that it agreed to drop a securities fraud complaint against the automaker now known as Old Carco LLC as part of a consent agreement accepted Oct. 22 by a federal bankruptcy court in New York.

The bonds backed by Tipton County were used to pay for infrastructure at the Getrag Transmission Manufacturing site along U.S. 31 near Tipton.

Getrag, a German auto parts maker, halted construction on the 900,000-square-foot plant in October 2008 after Chrysler pulled out of a financing agreement for the $530 million plant, which was designed to produce energy-saving dual-clutch transmissions for Chrysler.

The plant about 35 miles north of Indianapolis was expected to create up to 1,400 jobs.

Getrag filed for Chapter 11 bankruptcy protection for the plant, which is about 80 percent complete, in late November 2008.

In April, the secretary of state's office accused Chrysler of committing securities fraud by failing to inform county officials that its agreement with Getrag was in jeopardy. The state has agreed to dismiss that complaint.

Chrysler spokesman Michael Palese said the company has repaid the $5.5 million in bonds as specified by the agreement. He said Chrysler agreed to the settlement with Indiana because it wanted "to assist in the development of the properties for the benefit of the region."

Tipton County Commissioner Jane Harper said the county has dropped its request that Chrysler also return $4.2 million for other bonds and $300,000 in county economic development funds related to the project because it was highly unlikely that money could be recovered.

She said that in March, before Chrysler entered bankruptcy, the automaker had offered to pay back the $5.5 million in bonds as well as the other $4.5 million.

But when Chrysler filed for bankruptcy protection in April, she said it became unrealistic for the county to continue to pursue the $4.5 million, which were deemed third-party costs.

"Idealistically we would love to have it all back. We do believe we're owed that," she said. "But with the way that bankruptcy things go, you take what you can get."

Harper said the county now hopes to use the $5.5 million in returned bond money and another $5.5 million in bonds the county recovered earlier from Getrag to offer $11 million in bonding to a company that manufacturers parts for the solar power industry that's interested in moving into the empty building.

"I'm pleased that by holding Chrysler accountable to the terms of this agreement we will be facilitating Tipton County's recovery of these bonds, and that the county can finally move forward with efforts to ensure this commercial property fulfills its promise," said Secretary of State Todd Rokita.

LINK:The Associated Press: Chrysler returns $5.5 million bonds to Ind. county

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post #28 of 126 (permalink) Old 11-24-2009, 01:27 PM Thread Starter
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New Information Officer &Treasurer

Chrysler appoints new information officer, treasurer

Tue Nov 24, 2009

DETROIT, Nov 24 Chrysler Group LLC has appointed a former Fiat Group executive as its new chief information officer in the latest management shake-up under Chief Executive Sergio Marchionne.

Scott Sandschafer, a former executive at CNH America LLC -- a Fiat SpA (FIA.MI: Quote, Profile, Research, Stock Buzz) subsidiary -- was appointed vice president and chief information officer, reporting to Marchionne.

The U.S. automaker also named Walter Bodden Jr as vice president and treasurer. Bodden, who has served as chief investment officer for Chrysler most recently, will report to Chief Financial Officer Richard Palmer.

The two executives will split the role formerly held by Jan Bertsch, who had announced announced she will be leaving Chrysler effective Nov. 30.

The appointments are the latest turnover at the company's senior level after Chrysler completed its bankruptcy reorganization in June by selling most of its assets to a group led by Fiat, which took a 20 percent ownership in Chrysler and full management control.

In October, the automaker replaced the heads of its Dodge and Chrysler brands.

Marchionne, who heads both Fiat and Chrysler, offered an ambitious turnaround plan for Chrysler on Nov. 4, saying it would more than double sales, roll out a dozen new models built on Fiat platforms and pay back debt to U.S. taxpayers over the next five years.

But analysts have said Chrysler could be short on time to steer its faltering operations toward recovery and rebuild interest among American consumers.

For the year to date, Chrysler's U.S. sales are down almost 39 percent and it has had to rely on far more aggressive discounts than rivals to sell cars and trucks.

LINK:Chrysler appoints new information officer, treasurer | Markets | Markets News | Reuters

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New CIO and Treasurer named

New CIO and Treasurer named

Posted on Tuesday, November 24th, 2009 at 2:38 PM EST. (Employee News)

default-auburn-hills-2In support of ongoing operations, Chrysler Group LLC announced executive appointments for the positions of Chief Information Officer and Treasurer effective Dec. 1.

Scott A. Sandschafer was appointed Vice President and Chief Information Officer reporting to Sergio Marchionne, Chief Executive Officer. In this position, Sandschafer is responsible for the support of all information technology applications and infrastructure supporting the Chrysler Group’s business units in the United States, Canada, Mexico, Europe and Asia.

Sandschafer joins the Chrysler Group from CNH America LLC where he served as the Head of Information Systems—SAP Core Program. Sandschafer also previously lead numerous global information and communication technology programs at Accenture.

In addition, Walter P. Bodden Jr. was appointed Vice President and Treasurer reporting to Richard Palmer, Senior Vice President and Chief Financial Officer.

In this position, Bodden is responsible for all Chrysler Group Treasury activities, including cash management processes, domestic and foreign investments, U.S. and Canadian pension funds, retiree trusts, employee managed savings, and banking and its related activities. Bodden joined Chrysler Corporation in 1984 and has held positions of increasing responsibility.

Most recently, Bodden served as the Chief Investment Officer for the Chrysler Group.

Jan A. Bertsch, Treasurer and Chief Information Officer, previously announced she will be leaving the Chrysler Group effective Nov. 30 to pursue other opportunities.

“I am delighted to have Scott and Walter assume key roles at Chrysler Group,” Marchionne said. “Their background and expertise will support the further development of our company. These appointments are part of the Chrysler Group’s strategy to continuously reinforce its management team, a strategy pursued through internal professional growth and the alliance with Fiat Group. I thank Jan for her contribution provided to the company and wish her the best in her future endeavors.”

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Chrysler ends summer vacation policy

December 2, 2009

Chrysler ends summer vacation policy

Salaried employees no longer must use time during July shutdown



Chrysler Group LLC has notified salaried workers that they no longer have to use two weeks of vacation time during next year's summer shutdown.

Under previous owner Cerberus Capital Management LP, the policy for the past two years was that salaried employees were supposed to take vacation time in July when the plants closed for two weeks to retool to build the next model year vehicles.

The first year of the mandate, notice was given too late for full compliance but the change generated widespread grumbling among employees.

This year there was ample notice of the mandatory vacation, but the shutdown came a month after Chrysler emerged from bankruptcy and formed a partnership with Fiat SpA. With so much work to be done quickly under new management, many employees, especially in product development, worked through the July shutdown.

Under new CEO Sergio Marchionne, the policy for July has changed, The Detroit News has learned. Salaried employees were recently notified that 2010 vacation requests are once again to be used at their discretion, subject to approval.

Most plants and support staff will continue to observe the summer shutdown scheduled for the weeks of July 12 and 19, "except where volume demands dictate continued production," Chrysler said in a statement. "The specific schedule for each plant will be evaluated in the coming weeks and a future announcement will be made."

Plant closings are announced a week in advance, said spokeswoman Eileen Wunderlich.

Marchionne has said Chrysler wants to better match supply to demand to eliminate the need for high incentives.

Chrysler saw sales fall 25 percent in November, on top of a 30 percent drop in October.

The automaker had 64 days' supply of vehicles at the end of November and said inventory has been cut 56 percent since a year ago.

LINK: Chrysler ends summer vacation policy | detnews.com | The Detroit News

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