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April 20, 2009

White House hopeful on Chrysler-Fiat deal

With nine days left before the Chrysler deadline, the Obama administration sounded an optimistic note today that a leaner, more competitive restructuring will enable Chrysler and Fiat to proceed.

“The President's Auto Task Force is continuing to work with all of the stakeholders involved to find a solution we hope that continues the Chrysler brand and strengthens the auto industry,” said presidential press secretary Robert Gibbs. “We believe that was possible 20 days ago, and we certainly believe that is possible with about 10 days to go in this process.”

Chrysler is operating with $4 billion in federal loans and is slated to get another $6 billion if it can come up with an acceptable restructuring plan. The auto task force is meeting with Chrysler’s creditors, the UAW and dealers to find ways to reduce debt, cut operating costs and make the sales network more efficient.

And what happens if Fiat doesn’t accept the revised restructuring?

“I don't want to prejudge where it might end up,” Gibbs said. “But the president continues to be involved in this issue and understands the tremendous economic importance both for the overall industry and for the dozens of communities throughout the country dependent upon Chrysler and its suppliers.”

Article Link:White House hopeful on Chrysler-Fiat deal | | Detroit Free Press
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