Chrysler Plant Fiasco Prompts Ch. 11 Filing

Law360, New York (November 17, 2008, 12:00 AM EST) -- Getrag Transmission Manufacturing LLC has filed for Chapter 11 protection over the collapse of an agreement to build an Indiana plant for the manufacture of high-tech dual clutch transmissions for Chrysler LLC.

The German-based transmission maker said that Monday's filing in the U.S. Bankruptcy Court for the Eastern District of Michigan was a direct result of a recent termination by Chrysler of contractual agreements related to the construction of a half-billion-dollar manufacturing facility in Tipton, Ind.

As a result of Chrysler's actions, which include a lawsuit,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.