Chrysler asks court to terminate its leases on corporate jet fleet

Chrysler has asked the U.S. Bankruptcy Court to cancel its leases on two of its corporate jets including a $38 million Gulfstream 450 and a $55 million Gulfstream 550. Both were leased in 2007 and are located at the Oakland County International Airport near Chrysler’s Auburn Hills headquarters.

Chrysler received the two jets in Jan. 2008 and has a 7-year lease on both planes. It said that it put down a $3.6 million deposit on the 450 and a $5.3 million deposit on the 550 and is now seeking to apply those deposits to its lease obligations.

Congress ridiculed all three Detroit automakers last Nov. when the CEOs flew private jets to ask for bailout money from the U.S. Treasury.

– By: The Daily Auto Editor

Source: Detroit News