Chrysler Reflects on its Survival of Bankruptcy
Chrysler Group, LLC celebrates its one year anniversary of surviving bankruptcy. Chrysler's CEO, Sergio Marchionne, told employees that, although he is pleased with Chrysler's achievements, the company still has a long way to go. Chrysler received aid from U.S. and Canadian governments and Chrysler plans to begin payment of the debt to U.S., Canadian and Ontario governments starting in 2011 with full repayment in 2014. It took roughly $15 billion to save the company from going bankrupt and prevent the company from being sold off into pieces.
Chrysler's 2010 plans include building on a $143 million first-quarter operating profit, two consecutive months of sales gains, and the launch of 16 new or updated vehicles by the end of the year. However, Chrysler does face some challenges. The company has struggled with quality problems as well as consistently receiving low rankings from J.D. Power and Associates and Consumer Reports Magazine. Presently, Chrysler is planning to place a new model of its Jeep Grand Cherokee SUV in showrooms in the near future, however, no one outside the company has seen the model. This step might be risky for Chrysler because the Jeep Grand Cherokee is not a vehicle on the top of anyone's list right now and Chrysler's competition has made monumental developments in their product lines that may be difficult to counter.
Chrysler's progress is an example of how a company can use the Bankruptcy process to save and improve an ongoing business. Bankruptcy is a big step to consider, but it can give you a chance to save your life's work and preserve jobs fo your employees.
To read more about Chrysler and its future plans see Chrysler gets its business back on track after bail out.
Contact Wood, Atter, and Wolf, P.A. to discuss the viability of your business and the options that are available to you.
