February 8, 2007
* Dell Inc. said it would sell Sony televisions in a bid to lift consumer sales. * New York-based CBS Corp. agreed to sell seven TV stations to Cerberus Capital Management, also in New York, for $185 million, shedding outlets in smaller markets.
December 25, 2007 |
Cerberus Capital Management agreed to pay Greenwich, Conn.-based United Rentals Inc. a $100-million breakup fee for dropping its $4-billion purchase of the equipment-rental company. Cerberus agreed to pay the fee after a Delaware court ruled the private equity firm was allowed to scrap the takeover, which it abandoned last month.
July 27, 2007 |
Wolfgang Bernhard, the former chief operating officer of DaimlerChrysler's Chrysler unit, will become chairman of Chrysler's auto operations after Cerberus Capital Management takes over, according to a person familiar with the situation. Bernhard, 46, is expected to return to Chrysler as the U.S. automaker works to boost sales outside North America while speeding the rollout of new models. He left Chrysler in 2004.
June 20, 2007 |
Federal antitrust regulators have cleared Cerberus Capital Management's $7.4-billion purchase of Chrysler. Peter Duda, a Cerberus spokesman, said the Federal Trade Commission made its decision before the end of a standard 30-day review. Early termination of an FTC review typically signifies there will be no conditions placed on the deal. The FTC declined to comment.
October 11, 2008 |
General Motors Corp. has been in preliminary talks about acquiring Chrysler, according to published reports. Detroit-based GM and private equity firm Cerberus Capital Management, which owns Chrysler, began the discussions more than a month ago, the New York Times reported. According to the Wall Street Journal, the talks were recently suspended because of financial market turmoil but they could resume once markets stabilize.
May 20, 2009 |
Chrysler pension plans may be underfunded by more than $10 billion, the federal Pension Benefit Guaranty Corp. has estimated. If the pensions are terminated, the agency's claim for the shortfall in the automaker's bankruptcy case "would exceed $9 billion," Chrysler lawyers said in a filing in U.S. Bankruptcy Court in New York. Chrysler is seeking approval of a settlement among the company, the pension agency, Cerberus Capital Management and Daimler to partly fund the plans and avoid a termination.