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Chrysler asks for $7 billion bridge loan by Dec. 31

Last update: 5:08 p.m. EST Dec. 2, 2008

SAN FRANCISCO (MarketWatch) -- Chrysler LLC requested a $7 billion bridge loan by Dec. 31 to meet a short-term shortage in liquidity as part of its restructuring plan which it submitted to Congress Tuesday. Chrysler painted a grim picture of its future without immediate assistance, noting that its liquidity will fall below the level "appropriate to ensure operations." As part of its restructuring effort, the automaker plans to aggressively pursue strategic alliances and partnership and introduce restructuring and consolidation. In a separate statement, Chrysler said Chairman and Chief Executive Bob Nardelli will drive to Washington, D.C. in a fuel-efficient hybrid vehicle to attend this week's Senate and House hearings.

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