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Chrysler drives to bankruptcy

(China Daily)
Updated: 2009-05-01 07:33

WASHINGTON: Chrysler LLC will proceed with Chapter 11 bankruptcy protection to complete its restructuring after attempts to reach concessions with lenders faltered, an administration official said yesterday.

The US Treasury had been in tense negotiations with a small group of hedge funds to wash out its remaining debt and facilitate an alliance with Fiat SpA, a step considered essential to Chrysler's survival.

Those last-ditch efforts were unsuccessful as the clock wound down on a government-imposed deadline for Chrysler to come up with a viable business plan, according to the administration, which said Chrysler would attempt to finish its overhaul in bankruptcy court.

"Their failure to act in either their own economic interest or the national interest does not diminish the accomplishments made by Chrysler, Fiat and its stakeholders nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward," the official said.

US officials had offered Chrysler's secured lenders $2.25 billion in exchange for forgiving their primary debt of nearly $7 billion, the official said. Chrysler's biggest banks had agreed to terms, but three fund management firms held out.

Reuters

(China Daily 05/01/2009 page5)