Chrysler Transmission Manufacturer Files for Bankruptcy Protection
"We recognize these developments have had significant impact on all of our stakeholders, including employees, suppliers and the Tipton community," said Jim Shoup, GTM LLC Chief Executive Officer. "We ask for their patience and understanding as we manage through this process."
“GTM LLC and its German affiliate also filed a countersuit on October 30, 2008 against Chrysler to recover, among other elements, costs associated with the project and reimbursement of all expenses incurred by GTM LLC and its suppliers in connection with the project,” the transmission manufacturer mentioned in a statement released to the press.
Although it could be considered minimal in comparison with all the other problems experienced by Chrysler, this is another clear sign that the Detroit-based company may run out of cash as soon as early 2009.
For those of you who don't know, Chrysler is one of the three members of Detroit 3, the group of companies who are currently asking for a $25 billion loan from the US Government, a funding package which is said to help them get out of the economic crisis by allowing them to develop new fuel efficient engines plus more environment friendly technologies. But even so, things tend to get even worse, with the United States Congress imposing a bunch of restrictions that put the loan on hold, a fact that does nothing more than to deepen the Detroit 3's crisis.