Cerberus Capital

NEW YORK, Nov. 26 /PRNewswire/ -- Cerberus Capital Management, L.P. ("Cerberus"), one of the world's leading private investment firms, issued the following statement in response to Daimler's press release disseminated this morning. "Cerberus and Chrysler have concluded that Daimler intentionally and materially breached its obligations under the relevant contracts relating to the Chrysler transaction. These serious breaches include, but are not limited to, misrepresentations relating to extraordinary ...

STUTTGART, Germany, Nov. 26 /PRNewswire-FirstCall/ -- The negotiations between Daimler AG (stock exchange abbreviation DAI) and Cerberus Capital Management LLC on the redemption of Daimler's 19.9% shareholding in Chrysler Holding LLC ("Chrysler") and other issues related to Cerberus's investment in Chrysler have been made considerably more difficult during the last weeks due to exaggerated demands by Cerberus. (Logo: http://www.newscom.com/cgi-bin/prnh/20080409/NYW017LOGO ) These demands by Cerberus exceed the value of Cerberus' investment in Chrysler. For the acquisition of an 80.1% stake in Chrysler, Cerberus had invested USD 7.2 bn. The claims made now go beyond the framework of the contractually agreed possible obligations under representations and warranties. The new claims also include an allegation of conduct outside the ordinary course of business by Daimler during the time between signing and closing of the transaction as well as the allegation of incomplete information about the business. Daimler rejects these absurd allegations and the claims ...

GREENWICH, Conn.--(BUSINESS WIRE)-- United Rentals, Inc. (NYSE: URI) today announced that it has appointed William B. Plummer as Chief Financial Officer, effective December 1, 2008. Mr. Plummer brings more than two decades of financial leadership experience to United Rentals, most recently as Chief Financial Officer of Dow Jones & Company. In that role, he set policy for its global finance and corporate strategy functions. Prior to Dow Jones, Mr. Plummer was Vice President and Treasurer of Alcoa Inc., where he was responsible for global treasury policy and relationship management with ...

Chrysler's CEO, Nardelli issues comments at House Finance Committee Hearing:

Nardelli welcomes the government as stockholders and equity-holders, Cerberus would forgo any upside from the benefit of gov't help, Sees cost of bankruptcy significantly ...

WASHINGTON, Nov. 18 /PRNewswire/ -- Mr. Chairman, members of the Committee, I appreciate this opportunity to address the current economic and financial crisis, the impact it is having on the automotive industry, and the need for immediate action. During the 15 months I've been part of Chrysler, and since we've emerged as the first privately held American auto company in 50 years, I've been proud to work with a team of dedicated men and women determined to restore this 83-year old, iconic American brand to its rightful place in the automotive industry. We are asking for assistance for one reason: to address the devastating automotive industry recession caused by our nations' financial meltdown, and the current lack of consumer credit, which has resulted in the critical lack of liquidity within our industry. With credit markets frozen, our customers -- average working Americans -- do ...