It is said about Chrysler’s new owner hedge fund Cerberus:
The smallest of the three automakers needs to negotiate more immediate savings to raise cash for operations, said the people, who don’t want to be named because the discussions aren’t public.
It seems that private equity funds (I also call them Kings of Junk) that were hit badly by recent junk bond crash are engaged in violent cost cutting at the companies they now own. That will include lay-offs, unprofitable branch closures and chopping corporations into something that could be re-sold to other hedge funds.
We’ll sure hear about that more very soon