Daily Auto News Chrysler May Not Get the Aid it Requested
Daily Auto News
The Los Angeles Times reports, “Chrysler is unlikely to get and may not need $5 billion in additional U.S. aid by March 31 to stave off bankruptcy, an Obama administration official said Tuesday.” The official, “who asked not to be named because the deliberations are private,” said that “further talks will be held to assess the company’s financial position..
The New York Times explains, “Chrysler’s updated restructuring plan, filed Feb. 17 with the Treasury Department, asserts that, if it receives an additional loan, it can stabilize its finances and grow beyond its core North American market. President Obama’s task force is now weighing that argument.”
Chrysler CEO Bob Nardelli may not agree that the aid isn’t needed. He told the AP, “it’s crucial that Chrysler get some kind of an indication by March 31 as to if its request for $5 billion in federal aid will be granted, adding that the denial of the aid would be ‘devastating’ for the automaker.” During an appearance on cable network CNBC, Nardelli “said that the task force hasn’t told him that a bankruptcy protection filing at Chrysler is out of the question.”
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