Chevrolet Corvette Stingray C7 Forum - View Single Post - Chrysler lives to fight another day: Alliance with Fiat successful

nester7929 · 03-30-2009, 01:20 PM

http://www.msnbc.msn.com/id/29958784/?GT1=43001

Chrysler has reached agreement on a global alliance with Fiat, the ailing automaker said on Monday not long after President Barack Obama set it a one-month deadline to link up with the Italian automaker.

"We are pleased that Chrysler, Fiat and Cerberus have reached agreement on a global alliance, supported by the U.S. Treasury," Chrysler, which is owned by Cerberus Capital Management, said in a statement.

Earlier Monday, Obama refused further long-term federal bailouts for General Motors Corp. and Chrysler LLC, saying more concessions were needed from unions, creditors and others before they could be approved. He raised the possibility of controlled bankruptcy for one or both of the beleaguered auto giants.

He said Chrysler’s situation is more perilous than GM's, and the government would give the company 30 days to overcome hurdles to a merger with Fiat SpA. If they are successful “we will consider lending up to $6 billion to help their plan succeed,” Obama said.

In the statement, Chrysler Chairman and Chief Executive Officer Bob Nardelli said, "We are encouraged by the commitments of the Administration, U.S. Treasury and President's Auto Task Force to the American automobile industry and Chrysler's viability, with a Fiat alliance."

Nardelli added: "I want to personally assure all of our customers, dealers, suppliers and employees that Chrysler will operate 'business as usual' over the next 30 days."

03-30-2009, 01:20 PM	#1
nester7929 Rice Harvester Drives: 2014 Bright Yellow 2SS/RS Join Date: May 2008 Location: Plainview, TX Posts: 1,449	Chrysler lives to fight another day: Alliance with Fiat successful http://www.msnbc.msn.com/id/29958784/?GT1=43001 Chrysler has reached agreement on a global alliance with Fiat, the ailing automaker said on Monday not long after President Barack Obama set it a one-month deadline to link up with the Italian automaker. "We are pleased that Chrysler, Fiat and Cerberus have reached agreement on a global alliance, supported by the U.S. Treasury," Chrysler, which is owned by Cerberus Capital Management, said in a statement. Earlier Monday, Obama refused further long-term federal bailouts for General Motors Corp. and Chrysler LLC, saying more concessions were needed from unions, creditors and others before they could be approved. He raised the possibility of controlled bankruptcy for one or both of the beleaguered auto giants. He said Chrysler’s situation is more perilous than GM's, and the government would give the company 30 days to overcome hurdles to a merger with Fiat SpA. If they are successful “we will consider lending up to $6 billion to help their plan succeed,” Obama said. In the statement, Chrysler Chairman and Chief Executive Officer Bob Nardelli said, "We are encouraged by the commitments of the Administration, U.S. Treasury and President's Auto Task Force to the American automobile industry and Chrysler's viability, with a Fiat alliance." Nardelli added: "I want to personally assure all of our customers, dealers, suppliers and employees that Chrysler will operate 'business as usual' over the next 30 days."