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Five Chrysler plants to shut down, bankruptcy proceedings begin

2009-05-01 21:52:01 (GMT) (Caymanmama.com - Automotive Business News)

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Kansas City, Missouri (CaymanMama.com) — Ailing automaker Chrysler LLC is doing its best to take control of what is left of its business which is why attorneys for the company will file a motion on or before Saturday morning to sell most of its assets to Italian automaker Fiat Group SpA.

The transfer of assets will not include eight Chrysler plants, however, and five of those plants will be closed down by the end of 2010.

Chrysler’s first hearing was scheduled for Friday in Manhattan bankruptcy court. Official documents indicated that Chrysler plans to shutter five more plants in Michigan, Missouri, Ohio and Wisconsin, leaving some 4,800 workers to wonder what is next. Chrysler has confirmed those workers will be offered jobs at other plants.

Two of the other plants which will not be included in the reworked company were shut down in 2008, and the other was already expected to be replaced by a new factory.

The eight plants would be excluded in the agreement for Italy’s Fiat to purchase Chrysler’s most valuable assets in bankruptcy. On the contrary, the “new Chrysler” would lease the plants then close them by December 2010.

“While some facilities may close, substantially all Chrysler employees will be offered employment with the new company,” Chrysler spokeswoman Dianna Gutierrez said. “Employees currently located at a facility identified for disposition will be offered a position at one of the facilities sold to the new company.”



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