Honda Siel has unveiled a couple of new Honda CR-V models today, varying in terms of engine capacity: 2.0-2.4 liters. These new variants carry a price range between Rs 21.9 lakh and Rs 24.12 lakh. Over 12,500 units of these Honda sports utility vehicles have been sold in India since it opened shop in 2003. The Honda CR-V sales have been dwindling from the past months, selling only one unit in September. Some form of reprieve came in October occurred though as they were able to sell 47 units, which is not really that impressive to offset administrative and operations cost.

(Source) Business Standard

Tags: Honda, honda cr v, honda siel, honda sports, India, lakh, liters, models, reprieve, rs 21, sports utility vehicles

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For the many dealers of GM and Chrysler who have been cut off, each form of assistance will count. As far as trying to dispose of their current vehicle inventory is concerned, dealers from the endangered car giants get a reprieve as AutomotiveXS has waived fees for dealers who can now post their product at the marketplace for automotive parts and accessories.

To qualify, these dealers just need to register at www.automotivexs.com/register.php and enter promotion code “AXSDEALERS.”

GM recently announced that it won’t renew franchise agreements with about 1,100 dealerships when the contracts are up for renewal in late 2010, and Chrysler plans to drop nearly 800 dealerships. Dan De Vlieger, founder of AutomotiveXS.com, said that these disenfranchised dealers will no doubt have parts and accessories lingering on store shelves.

“I believe that there are people out there looking for the parts and accessories that are gathering dust on the dealers’ shelves,” he said. “I want to link some buyers with sellers and maybe we can help save some jobs at the same time.”

(Source) Press

Tags: automotive parts, car giants, Chrysler, chrysler dealers, franchise agreements, gathering dust, GM, jobs, marketplace, promotion code, reprieve, store shelves, vehicle inventory

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When it comes to loans, borrowers know the burdens of having to settle them in record time. But if you think about companies biting the bullet, seeking financial reprieve especially in these hard times, number modifications on loans will look appealing but altogether become crucial as far as settlement is concerned.

That seems to be the path that Chrysler is headed. A lot of heat has been thrown on the government proposal that is supposed to aid in the Chrysler debacle. But while they are here to save the day, you can expect the government not to end up in the losing end. In fact, which lender wouldn’t?

“It appears that a sizable percentage of restructuring professionals are concerned that credit, which is already tight, will become more difficult to obtain and more costly for those companies in restructuring mode,” said Thomas Pabst, chief operating officer of the Great American Group in Deerfield, Ill.

It will be a tough road to go on but at this point, it seems Chrysler doesn’t really have much of a choice. But as far as financial assistance is concerned, could this possibly be the last? Unless the economy picks up, it looks unlikely that a clearer picture will ensue. You just have to compare it to individual loans when people want to restructure their debt after being drowned in it as a model to understand why.

(Source) Press

Tags: american group, borrowers, burdens, chief operating officer, Chrysler, debacle, economy, financial assistance, government proposal, loan settlement, Loans, record time, reprieve, restructuring, settlement days, sizable percentage, thomas pabst

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Until their deal with Fiat has been closed, it looks like Chrysler has gotten some sort of a break as the U.S. Bankruptcy Court yesterday gave interim approval to Chrysler for $4.1 billion of Debtor-In-Possession (DIP) financing, funded by the U.S. Treasury and Export Development Canada, and the use of $400 million of cash collateral, enabling the company to meet its working capital and general business needs going forward.

Approval of Chrysler’s DIP financing provides the company with resources to continue “normal course” business operations pending approval of the sale transaction with Fiat.

The Chrysler Chapter 11 case was filed on April 30, 2009, in the U.S. Bankruptcy Court, Southern District of New York. The case number is 09-50002, with the Honorable Arthur J. Gonzalez presiding.

(Source) Press

Tags: bankruptcy court southern district of new york, business operations, case number, cash collateral, Chapter 11, Chrysler, course business, debtor in possession, Fiat, general business, interim approval, reprieve, working capital

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