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Old 04-23-2009, 09:44 AM   #1
AVANTI R5
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Default New offer made to Chrysler lenders

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AP Source: Treasury offers stake in Chrysler-Fiat deal


NEW YORK - A person familiar with the matter says the Treasury Department has made a new offer to Chrysler LLC’s creditors.The Treasury is asking banks and hedge funds that hold $6.9 billion in debt to forgive $5.4 billion in exchange for a 5 percent stake in a Chrysler-Fiat alliance.

The person says the latest terms were made to the group late Tuesday. The person asked not to be named because the negotiations are private.

The offer marks the latest round of haggling between Chrysler and its creditors as the troubled automaker seeks to avoid liquidation. The new offer is a counter to the lenders’ offer to forgive $4.5 billion in exchange for a 40-percent stake in the alliance.

A Chrysler spokeswoman declined to comment.
AP.....
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Old 04-23-2009, 04:41 PM   #2
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...6 more days...


DETROIT (Reuters) – The Treasury is preparing a Chapter 11 bankruptcy filing for Chrysler LLC that could come as soon as next week, The New York Times reported on Thursday, citing people with direct knowledge of the matter.

The Treasury has an agreement in principle with the United Auto Workers union to protect pensions and retiree health care benefits as a condition of the bankruptcy filing, the paper said.

Italy's Fiat would finalize its alliance with Chrysler while the U.S. automaker is under bankruptcy protection, the paper reported.

Chrysler has until April 30 to complete its partnership with Fiat and win concessions from its first-lien lenders and the UAW, or face a cut-off of government funding and a potential bankruptcy.

The Times said U.S. and Canadian governments were prepared to provide the financing that Chrysler needed to operate while under bankruptcy protection.

Chrysler was not immediately available for comment.

(Reporting by Soyoung Kim, editing by Leslie Gevirtz)

Last edited by Spenk; 04-23-2009 at 04:59 PM.
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