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AutoBlog: Flying the Not-So-Friendly Skies: Chrysler asks court to cancel corporate jet leases

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Filed under: Etc., Government/Legal, Chrysler, LLC., Earnings/Financials


Late last year, Rick Wagoner, Bob Nardelli and Alan Mulally each climbed aboard their own company-provided private jets in lieu of commercial flight - or, alternatively, one of their company's own vehicles - to go before Congress and ask for a bailout. In the public eye, at least, that move was - to put it mildly - a mistake.

At least one chapter of the so-called JetGate scandal now appears set to come to a close. Chrysler has reportedly asked its bankruptcy judge to terminate the leases the automaker holds on its $38 million Gulfstream 450 and $55 million Gulfstream 550. Chrysler first leased the jets back in 2007 and subsequently took delivery on January 1, 2008.

A hearing on the issue has been set for June 3, but we wouldn't expect there to be any real holdup. After all, the debtor-in-possession financing that Chrysler received from the U.S. and Canadian governments stipulated that the automaker would give up all corporate aircraft.

[source: Detroit News | Image: Gulfstream]

Flying the Not-So-Friendly Skies: Chrysler asks court to cancel corporate jet leases originally appeared on Autoblog on Thu, 14 May 2009 11:27:00 EST. Please see our terms for use of feeds.

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