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Fiat expected to buy into Chrysler
- Thursday, April 30 - 2009 at 09:05
Fiat is expected to take a sizeable stake in Chrysler if, as expected, the US car giant files for Chapter 11 protection today, after talks broke down yesterday between the US Treasury Department and lenders to keep it out of bankruptcy. The talks aimed to reduce the car giant's debt with lenders and hedge funds. According to the Wall Street Journal, the Treasury Department offered to pay them $2.25bn in cash if they wrote off $9bn in debt, but they refused. If Fiat does become the new owner, it is likely to can hundreds of auto dealers from its sales network.
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StaffThursday, April 30 - 2009 at 09:05 UAE local time (GMT+4)
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