Chrysler: $6.1 billion in the bank
Tuesday, November 18, 2008
Chrysler CEO says company has $6.1 billion in the bank
WASHINGTON -- Chrysler LLC burned through $5 billion in the first nine months of the year, the company's chairman and CEO told Congress today, adding that the company has just $6.1 billion left in the bank and will be "dangerously close" to running out of money by the end of the year.
Robert Nardelli confirmed for the first time how much cash the privately held company had burned through -- "roughly $1 billion a month during the three months ending September 30." Chrysler burned through about $3 billion in cash in the third quarter, meaning Detroit's Big Three automakers burned through $17.6 billion in that time period. General Motors Corp. burned through $6.9 billion; and Ford $7.7 billion.
GM chairman and CEO Rick Wagoner said the company would burn through roughly $15 billion by year's end, on top of the $12.9 billion it had burned through in the first nine months of the year.
Sen. Robert Menendez, D-N.J., said he questioned whether the $25 billion would be enough to help the companies.
LINK:Chrysler CEO says company has $6.1 billion in the bank | The Detroit News | detnews.com
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