Although Cerberus owns 80% of now troubled Chrysler Corporation, it has refused to inject cash into Chrysler, as Sen. Bob Corker pointed out at a hearing about the economic needs of the American automobile industry on December 4, 2008. In response to questioning at a hearing before the House committee on December 5, 2008 by Rep. Ginny Brown-Waite, Chrysler President and CEO Robert Nardelli said that Cerberus' other fiduciary obligations to its other investors and investments prohibited it from injecting capital.
http://www.propublica.org/article/chryslers-owners-keep-balance-sheets-secret-1210
Cerberus - Company Profile
Bloomberg News columnist Jonathan Weil reported yesterday that neither Chrysler nor its majority owner, Cerberus Capital Management LP, will disclose the details of the privately held auto company’s most recent financial statements to Congress. It won’t even hand over the identities of its board members.
Chrysler CEO Robert Nardelli did submit a 14-page business plan (PDF) to the Senate Banking Committee last week, but according to Bloomberg‘s Weil, it’s disappointingly vague:
Not once did Nardelli disclose any of the historical information found on a customary set of financial statements. There was nothing about total assets or liabilities, year-to-date losses or cash flows, let alone pesky details like deferred compensation that might be owed to Chrysler executives.
A Chrysler spokesperson confirmed to Bloomberg that a longer presentation given to the committee, and kept under wraps, did not include the company’s financial statements either.
http://www.propublica.org/article/chryslers-owners-keep-balance-sheets-secret-1210
Cerberus Capital Management, L.P. is one of the world's leading private investment firms. Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation.
Cerberus holds controlling or significant minority interests in companies around the world. In aggregate, these companies currently generate over $100 billion in annual revenues.
Cerberus - Company Profile