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Sources: Fiat to sign
Chrysler deal
Partnership last piece of huge
restructuring deal

Updated: Wednesday, 29 Apr 2009, 2:20 PM CDT

DETROIT (AP) - Three people briefed on the deal say Italian automaker Fiat Group SpA will sign paperwork by Thursday to become a partner with Chrysler LLC.

The partnership is the last piece of a huge restructuring plan needed to keep Chrysler alive. The U.S. government has lent Chrysler $4 billion and gave it until Thursday to get concessions from unions, reduce debt and take on a partner or face liquidation.


The United Auto Workers union is expected to ratify a cost-cutting contract Wednesday night, and major banks have agreed to reduce Chrysler's debt.

The people briefed on the deal say Chrysler could still go into a short bankruptcy if about four dozen smaller lenders don't sign onto the banks' agreement.

The people did not want to be identified because the deal has not been made public.

LINK:Sources: Fiat to sign Chrysler deal
 
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