Preparing for a Chrysler LLC Bankruptcy Filing: Issues for Your Consideration

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Yesterday, Chrysler LLC (together with its affiliates, “Chrysler”) announced a tentative deal with the United Auto Workers’ union (the “UAW”). The deal, which was reportedly negotiated among the UAW, Chrysler, the U.S. Department of the Treasury (“Treasury”), and Chrysler’s potential suitor, Fiat SpA (“Fiat”), is a step toward meeting the April 30, 2009 deadline imposed by the Obama administration, by which time Chrysler is required to reach agreements on cost-cutting deals with its unions, secured creditors, and other stakeholders as a precondition for receiving further Treasury assistance. The tentative deal with the UAW — the specific terms of which are undisclosed and depend on a union member vote — reportedly meets the terms imposed by Treasury in the $4 billion U.S. Government loan package received by Chrysler in December 2008.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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