Chrysler creditors draw fire for new offer

As an April 30 deadline approaches for a Chrysler partnership with Fiat, President Barack Obama's auto task force squeezed the UAW for fresh concessions Tuesday, while Chrysler's creditors proposed a debt reduction that a Michigan congressman dismissed as “not serious.”

Chrysler, which is operating with $4 billion in federal loans, needs concessions from both the UAW and debt holders to complete a partnership with Fiat and get another $6 billion in federal loans.


In seeking UAW cutbacks, Fiat said it would build vehicles such as the Lancia Delta at U.S. Chrysler facilities -- a move that could give workers some job security.


However, Chrysler's creditors Tuesday proposed writing off $2.5 billion of $6.9 billion in debt in exchange for a 40% stake in the Chrysler-Fiat alliance, among other demands, according to documents obtained by the Free Press.


A White House official who was not authorized to speak on the record criticized the offer as “neither in the interest of Chrysler's senior lenders nor the country.”


“Our hope and expectation is that these lenders take a more constructive position … that reflects the actual situation they and the company face,” the official said.


Added U.S. Rep. Gary Peters, a Democrat whose district includes Chrysler's Auburn Hills headquarters: “This offer is an affront to taxpayers and the many thousands of Chrysler employees and retirees whose livelihoods hang in the balance of the outcome of these negotiations.”

TaTa To launch first electric vehicle, Indica EV, in 2009

Tata Motors’ UK subsidiary, Tata Motors European Technical Centre plc, has acquired a 50.3% holding, at an acquisition cost of Kroner 12 million (Rs.9.40 crores), in Miljø Grenland/Innovasjon, Norway, which specialises in the development of innovative solutions for electric vehicles. The balance of shares will be retained by the existing shareholders who will continue to be associated with the venture.

Miljø will produce electric vehicles based on Tata Motors’ products, besides manufacturing of state-of-the-art super polymer lithium ion batteries and the development of related technologies. Tata Motors believes that this investment in Miljo will help the company realise its strategy to develop convenient, affordable and sustainable mobility solutions through electric and hybrid vehicles.

The first such vehicle to be developed by the company will be the Indica EV. It is scheduled for launch in Europe during 2009. Unlike existing electric vehicles, Indica EV will be a more practicable option for the consumer: capable of carrying 4 people, adequate luggage space, with a predicted range of up to 200 km and acceleration of 0-60 kmph in under 10 seconds. As in the Nano, Tata Motors continues its innovative approach with Indica EV too, using super polymer lithium ion batteries which will have superior energy density compared to the current best-in-class electric vehicles.

ROLLS-ROYCE DELIVERS FIRST CAR TO THAILAND

Rolls-Royce Motor Cars has delivered its first car to Thailand. Dr Nikorn Hongsrisook, a prominent Thai businessman based in Bangkok, received his Phantom Extended Wheelbase car from Rolls-Royce Asia-Pacific Regional Director, Colin Kelly.

At the handover ceremony, Colin Kelly said, ”It is a great pleasure to be able to deliver this first car into Thailand to such an appreciative customer and automotive enthusiast. We look forward to being able to deliver more Rolls-Royce cars to customers in Thailand, in a market where we believe there is growing demand for ultra-luxury motor cars.”

Dr Nikorn Hongsrisook, President of Gems Gallery International Manufacturer Ltd, added, “As a person who is truly fascinated with super-luxury cars, Phantom is a very special car which I have always aspired to own. I feel very proud to have become the owner of the first Phantom in Thailand”.

Dr Nikorn specified his bespoke car to feature a Diamond Black exterior and an interior finished with piano black wood and contrast stitching. Amongst other Bespoke features, the car comes with the award-winning starlight headlining, an optional feature that incorporates 800 fine fiber optics in the ceiling, creating the impression of a star-filled night sky.

Dr Nikorn’s car was built at the state-of-the-art Rolls-Royce Motor Cars manufacturing facility in Goodwood, West Sussex, England.