1983 Chrysler New Yorker Fifth Avenue on 2040-cars

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Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.

Another blow for Canadian autoworkers: FCA to lay off 1,500 at Windsor

Fiat Chrysler says it will cut a third shift at its Windsor Assembly Plant in Ontario, meaning layoffs for 1,500 workers in response to softening sales of the Chrysler Pacifica minivan. Separately, FCA announced it was moving up the scheduled two-week shutdown at the plant by one week, to the weeks of April 1 and 8. It's the latest blow for blue-collar autoworkers in Canada, who have been rocked by the potential closure of GM's assembly plant in Oshawa, Ontario, after production of the Chevrolet Impala and Cadillac XTS ends later this year. It will be the first time since 1993 that FCA's Windsor plant has operated on just two shifts, but the shutdown that began this week marks the third time the plant has been shut down this year. The Detroit News reports that action at the Windsor plant would be effective Sept. 30. It quoted Dave Cassidy, president of Unifor Local 444, at a news conference late last week: "People's lives — 1,500 direct families — depend on us," he said. "We're going to do everything possible to make sure we maintain three shifts. Everyone knows our product in Windsor is No. 1, and if you want to build it right, you want to build it in Windsor." FCA says it's making the cutback to better align production with demand. Through the first two months of 2019, U.S. sales of the Pacifica were down 24 percent to 14,817, with sales of the Grand Caravan, which is also built in Windsor, down 27 percent to 19,634. For the full-year 2018, Pacifica sales were flat at 118,322, while Grand Caravan sales rose 21 percent to 151,927. In Canada, the Pacifica saw a 3 percent drop in 2018 to just 5,999. FCA says it plans to offer retirement packages to eligible employees and will try to place laid-off hourly workers in open positions elsewhere as they become available. The company in February announced plans to invest $4.5 billion across the river to build a new assembly plant in Detroit and expand production at five other local plants in a move that will see it create 6,500 new jobs, pending certain assistance from the city of Detroit. The new Detroit plant will transform the existing Mack Avenue Engine facility into a production site for the next-generation Jeep Grand Cherokee and a new three-row Jeep SUV. That plan alone is said to involve 3,850 new jobs.

Junkyard Gem: 1950 Chrysler Windsor Club Coupe

In 1950, shoppers in Chrysler showrooms had a choice between the low-end Royal, the midgrade Windsor, and the top-of-the-line New Yorker. This 1950 Windsor coupe managed to outlast nearly all of its contemporaries, finally coming to a halt in a wrecking yard just outside of Chicago. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. I stopped by this yard, Ashley's U-Pick-A-Part in Joliet, while I was working at the 24 Hours of Lemons Chicago race. When it comes to junkyard ambience, this one is nearly impossible to top (though Martin's Salvage in northeastern Colorado comes close), especially given its location: right across the street from the now-closed Joliet prison, best-known for its role in the opening sequence of " The Blues Brothers." Set on the grounds of an ancient, decaying factory, a large part of Ashley's inventory lives indoors in Rust Belt splendor. The star of the Chrysler section, this '50 Windsor has a place of honor and sits separate from your humdrum Avengers and Grand Cherokees. Because this is the Upper Midwest, the floors are more air than metal and big bites out of the rest of the car have been inflicted by the Rust Monster. Note the airbags inside the coil springs. The interior has long since been gutted, probably to live on in other, less rusty early-1950s Chrysler cars. The Windsor— and the body number makes it clear that this car did start life as a Windsor— came with a 251-cubic-inch Chrysler flathead six-cylinder engine. The New Yorker had a straight-eight flathead. V8s weren't available in Chryslers until the advent of the Hemi V8 the following year. This car may have had many engine swaps during its lifetime, but we have no way of knowing the details. Atop the rust and body filler, some lovingly applied stenciled-on flames. Someone felt proud of this car, even at the very end. Related Video: Featured Gallery Junked 1950 Chrysler Windsor in Illinois wrecking yard View 20 Photos Auto News Chrysler Automotive History Coupe 1950s