(Reuters) - Chrysler LLC entered a global alliance with Italy’s Fiat on Thursday as the U.S. carmaker filed for bankruptcy protection after talks with bondholders collapsed.
Following are key developments for the third-largest U.S. automaker since U.S. private equity firm Cerberus Capital Management bought a controlling stake in 2007:
May 2007 - Germany’s Daimler AG agrees to sell 80.1 percent of Chrysler to Cerberus for $7.4 billion, keeping a 19.9 percent stake.
September 2008 - Daimler confirms talks with Cerberus to sell its remaining 19.9 percent stake in Chrysler.
November 7 - South Korea’s Hyundai Motor Co holds talks with Cerberus about a potential acquisition of the Jeep brand.
November 26 - Cerberus demands more than $7 billion from Daimler over losses that followed its 2007 acquisition of Chrysler. Daimler says the claim is baseless and has complicated talks to sell its remaining 19.9 percent stake.
January 2, 2009 - Chrysler receives an initial $4 billion emergency government loan.
January 14 - Chrysler says it would not sell an individual brand like Jeep, in response to reports of talks to sell assets to Renault-Nissan and auto parts supplier Magna International.
January 20 - Italy’s Fiat unveils a preliminary deal to take a 35 percent stake in Chrysler in exchange for access to its technology and overseas markets.
March 30 - The Obama administration’s autos task force rejects Chrysler’s restructuring plan and warns it could be put through bankruptcy to reduce its debts. It gives Chrysler 30 days to complete an alliance with Fiat or risk being cut off from further government funding.
April 13 - Chrysler and Fiat discuss a new management and board for the U.S. automaker under a proposed alliance.
April 21 - U.S. says that it will make about $500 million available to Chrysler for the end of April.
April 24 - Chrysler’s lenders offer to cut the amount they are owed in a proposal to the Obama administration. The lenders are now seeking $3.75 billion in debt and a 40 percent equity.
April 28 - Daimler reaches a deal to exit its 19.9 percent Chrysler stake.
April 30 - Chrysler and Fiat confirm a global strategic alliance as Chrysler files for Chapter 11 bankruptcy after talks with bondholders to restructure its debt collapse.
Writing by Jijo Jacob, Bangalore Editorial Reference Unit; editing by John Stonestreet; Additional writing and editing by David Cutler, London Editorial Reference Unit;