Sunday, April 19, 2009

Chrysler creditors of the debt relief would require the U.S. government to make a counter-offer

According to Reuters, Chrysler will be the main creditor for the U.S. Treasury Department recently proposed a counter-offer debt-relief requirements.

Chrysler major creditors, including JPMorgan Chase, Goldman Sachs, Citigroup and Morgan Stanley & Co., etc., which Chrysler has provided a total of about seven billion U.S. dollars of loans. A few days ago the U.S. Treasury to put pressure on these banks, asking them about six billion U.S. dollars to reduce debt, to promote Chrysler's restructuring process.

Reuters quoted sources as saying that as a quid pro quo for debt relief, Chrysler will introduce the main creditors in the Chrysler and Fiat of Italy, composed of the combined company may hold shares in the new company, and require a certain amount of cash compensation.

Chrysler currently is in a difficult period of restructuring. March 30, Obama President of the United States rejected Chrysler's reform plan and called for their April 30 merger agreement with Fiat, or will require its bankruptcy.

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