Examples of New CarCo in a sentence
Chrysler will transfer the majority of its operating assets to New CarCo Acquisition LLC (" New Chrysler"), a newly established Delaware limited liability company that currently is an indirect wholly-owned subsidiary of Fiat; and (b) in exchange for those assets, New Chrysler will assume certain liabilities of Chrysler and pay to Chrysler $2 billion in cash (collectively with the other transactions contemplated by the Purchase Agreement, the "Fiat Transaction").
Chrysler, LLC77 (the “English Case”) that was approved by the District Court for the Eastern District of Michigan on July 31, 2008 and provided for Chrysler to make certain deposits and remittances to the newly established VEBA for the provision of retiree medical benefits.78 After Old CarCo filed for bankruptcy in 2009, the UAW asserted that Chrysler (i.e., New CarCo) was bound by the MOUs and responsible for providing retiree medical benefits.
At the time of filing, this amounted to approximately $5.3 billion.121When, as discussed above, the government indicated that it would support Chrysler’s viability plan,122 Fiat established New CarCo. Acquisition LLC (New Chrysler) under Delaware law.
The Borrower and New CarCo shall have executed and delivered the New CarCo Assignment and Assumption, and all conditions precedent to New CarCo’s $7,072,488,605 First Lien Credit Agreement between New CarCo and Treasury shall have been satisfied or waived by the Treasury in accordance with the terms therewith substantially contemporaneously with the conditions precedent set forth in this Section 4.1.
At the outset of their chapter 11 cases, the Debtors focused on an expedited process for the sale of certain assets to FCA (then known as New CarCo Acquisition LLC).
The International Union, United Automobile, Aerospace and Agricultural Implement Workers of American (the “UAW”), Fiat S.p.A. (“Fiat”) and New CarCo AcquisitionCompany (“Purchaser” or “New Chrysler”), and the Official Committee of Unsecured Creditors filed joinders in the Motion to Certify the Sale Order for Immediate Appeal to the United States Court of Appeals on June 1.
Gonzalez, Bankruptcy Judge, dated June 1, 2009 (the “Sale Order”), authorizing the sale of substantially all of the debtor’s assets to New CarCo Acquisition LLC (“New Chrysler”).
New Chrysler (formally: New CarCo Acquisition LLC) then assumed the old company’s debts to the retirees, most dealers, and trade creditors.
Counsel for the remaining Respondents, Fiat S.p.A. and New CarCo Acquisition LLC, the Official Committee of Unsecured Creditors, Export Development of Canada, the Ad Hoc Committee of Consumer Victims of Chrysler, and Patricia Pascale, did not respond to requests for consent.
On May 3, 2009, Chrysler filed a motion for an order authorizing the sale under 11 U.S.C.§ 363(f) of substantially all of its assets to New CarCo Acquisition LLC (“New Chrysler”).