Sunday, April 26, 2009

Fiat and Chrysler

Kokomo Tribune; Kokomo, Indiana - Chrysler lenders make counteroffer
DETROIT -- Chrysler’s lenders have delivered another counterproposal to President Barack Obama’s auto task force, as the gap narrows on what the company can pay and what creditors will accept to reduce $6.9 billion in loans, according to a source familiar with the process.
Kokomo Tribune; Kokomo, Indiana - Chrysler talks intensify
In New York, a group representing Chrysler's secured lenders on Thursday was preparing to send to Treasury its latest terms to wipe out much of the $6.9 billion in company debt they carry. The two sides remain far apart in these crucial talks.

The Canadian Auto Workers said Thursday night they were close to a deal on labor concessions with Chrysler, but with the number of details still to be worked out, talks were expected to continue today.

In Italy, Fiat SpA Chief Executive Sergio Marchionne said he was still committed to concluding an alliance with Chrysler, but reiterated that the Italian automaker would not inject cash to close the deal.

In Washington, the Obama administration's auto task force continued intensive negotiations with the United Auto Workers on an agreement to protect the bulk of workers' health care and pension benefits in the event of bankruptcy.

Would Detroit Sound Any Better in Italian? -
At an extraordinary moment when the global financial crisis has put governments, rather than auto executives, in the driver’s seat, Mr. Marchionne may have found a way to build an empire with — almost — no money down.

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