Pharma Investments, Ventures & Law Weekly
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Getrag Transmission Manufacturing Llc
Statement from GETRAG Transmission Manufacturing LLC Regarding the Planned Facility in Tipton, Indiana, to Supply Fuel Saving Dual-Clutch Transmissions to Chrysler LLC
November 9th, 2008
GETRAG Transmission Manufacturing LLC met with Chrysler LLC in an effort to resolve the issues surrounding its agreement to supply transmissions to Chrysler and related financing necessary to develop a new facility in Tipton, Indiana. Chrysler LLC has rejected the financing structure that GETRAG had offered together with its banks, which required Chrysler to secure some of their obligations under the supply agreement, and has elected to terminate the supply agreement and related documents. GETRAG is astonished by this action and will pursue all rights and remedies under the terms of the supply agreement for, among other things, reimbursement of all...
Source: Pharma Investments, Ventures & Law Weekly (2008-11-09)
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