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Chrysler Won't Be Flying Into Bankruptcy

Friday May 15th, 2009 at 8:55 AM
Posted by: m35man

Gulfstream 550

Chrysler LLC asked a bankruptcy court earlier this week to terminate its leases on two corporate planes — a company asset that had drawn scorn among lawmakers.

You can be certain of one thing. As executives for Chrysler try to dodge a full-blown collapse, they’ll be flying commercial, just like most of us out there in the real world. The next question is: Do you think they’ll be flying first class or coach? (take one guess!)

Chrysler, General Motors Corp. and Ford Motor Co. came under fire in November when their CEOs flew private planes to congressional hearings on the auto industry. The executives drove to a subsequent hearing.


The incident caused a major stir and illustrated just how out-of-touch the auto executives for the Big 3 (soon to be the Little 2.5) really are. What public relations guru told them it would be a good idea to fly a private jet to a meeting to discuss getting bailout money? How arrogant can you be?! That’s like driving a Rolls Royce to pick up your unemployment check!

The planes — a $38 million Gulfstream 450 and a $55 million Gulfstream 550 — were leased in 2007 and are housed at Oakland County International Airport near the company’s Auburn Hills headquarters. Chrysler is paying $226,000 a month for the 450 and $329,000 for the 550.





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