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April 6, 2009

Who will be next owners of Chrysler?

April 30 deadline to bring big changes

From learning German to dancing to Wall Street's tune, Chrysler employees are accustomed to constant change.

After the Obama administration's April 30 deadline for Chrysler to reach a deal with Fiat, it's clear that the troops in Auburn Hills soon will report to another set of owners.

Talks began last week between the administration's auto task force and Chrysler's creditors. Chrysler and Fiat SpA executives will try to coax additional concessions from unions and dealers in order to finalize a partnership.

Achieving buy-in from its stakeholders is essential if Chrysler is to convince Washington to invest another $6 billion in its survival.

Current negotiations center on Fiat taking an initial 20% stake in Chrysler. If all goes as hoped, the Italian automaker would be the latest in a series of new Chrysler owners.

In 1998, Chrysler joined forces with the German Daimler-Benz AG. In 2007, the New York-based private equity firm Cerberus Capital Management also took a major stake in the automaker.

LINK: Who will be next owners of Chrysler? | | Detroit Free Press
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