AlleyoopMgv
01-31-2009, 11:01 AM
Chrysler says it needs another $3 billion in federal loans to go through with its proposed alliance with Fiat. This is the same $3 billion that was withheld from Chrysler’s original $7 billion loan request.
CEO Bob Nardelli said if the loan is approved, the deal with Fiat could be closed quickly.
Chrysler is already facing a February 17 deadline to present a viability plan to the Treasury Department. Failure to persuade the Treasury could mean the $4 billion already loaned to the automaker could be recalled. In addition, some members of Congress have already voiced criticism of the plan, saying taxpayer money should not be going to a foreign company. Chrysler has already said that Fiat would no get any of the money.
CEO Bob Nardelli said if the loan is approved, the deal with Fiat could be closed quickly.
Chrysler is already facing a February 17 deadline to present a viability plan to the Treasury Department. Failure to persuade the Treasury could mean the $4 billion already loaned to the automaker could be recalled. In addition, some members of Congress have already voiced criticism of the plan, saying taxpayer money should not be going to a foreign company. Chrysler has already said that Fiat would no get any of the money.