Chrysler LLC, having sold off all its best assets to the “New Chrysler” owned by Fiat, its union and U.S. and Canadian governments, is now going by a new name in bankruptcy court: Old Carco LLC.
On court dockets, the company is now referred to Old Carco LLC (f/k/a Chrysler LLC). The name, while not exactly subtle, refers to the eight plants and various old obligations the new company didn’t want and decided to leave in bankruptcy. Creditors of the Old Chrysler are not expected to recover much from those assets and some even said in court last month that they assumed those assets have “no value.”
It’s quite typical in bankruptcy for companies to change their name once they sell their assets. For example Department store Boscov’s became BSCV Inc and retailer Sharper Image Corp became TSIC Inc.
But now that “Old Carco” is taken, we’re taking suggestions. If General Motors successfully sells itself in bankruptcy court later this month, what should the “Old GM” be called?
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4 comments so far
I have a friend who has a new Dodge Challenger. It’s a fabulous car. I got him some FIAT badges to put on it. They fit perfectly!
- Posted by getplaningNow if we can cancel contracts with UAW, we can get somewhere. Otherwise a fake bankruptcy. Also, I would like to declare BK and get rid off all my debts and keep my money. Where do I go?
- Posted by John(((((((((()))))))))
Fake bankruptcies, fake car companies, fake banks, all make me ill. REAL bankruptcies start soon, minus 100’s billions of taxpayers money.—STUPID STUPID STUPID
FIAT has unions, maybe they know something you don’t.
- Posted by getplaningLeave the name as General Motors because the company that emerges from bankrutcy will become Government Motors.
- Posted by mdhAnd as far as Chrysler’s SECOND government bailout…
Fix It Again Tony