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US readies Chrysler bankruptcy
Bloomberg
Published: April 24, 2009, 22:41
Washington: The US Treasury Department is preparing a bankruptcy filing for Chrysler LLC only as a matter of "due diligence", Michigan Senator Debbie Stabenow said in an interview.
"They are preparing all options," Stabenow, a Democrat, said on Thursday in Washington. The senator said she was told April 22 the filing was being readied.
Time is dwindling for Auburn Hills, Michigan-based Chrysler to reorganise outside of bankruptcy. It has until April 30 to seal an alliance with Italian automaker Fiat SpA, get its banks to agree to cut its debt and reach agreements with the United Auto Workers and Canadian Auto Workers unions on labour cost reductions.
"This is very serious, we're coming down to the deadline," Stabenow said.
Bloomberg
Published: April 24, 2009, 22:41
Washington: The US Treasury Department is preparing a bankruptcy filing for Chrysler LLC only as a matter of "due diligence", Michigan Senator Debbie Stabenow said in an interview.
"They are preparing all options," Stabenow, a Democrat, said on Thursday in Washington. The senator said she was told April 22 the filing was being readied.
Time is dwindling for Auburn Hills, Michigan-based Chrysler to reorganise outside of bankruptcy. It has until April 30 to seal an alliance with Italian automaker Fiat SpA, get its banks to agree to cut its debt and reach agreements with the United Auto Workers and Canadian Auto Workers unions on labour cost reductions.
"This is very serious, we're coming down to the deadline," Stabenow said.
