InfoAnda - UPDATE: Obama To Make Statement At Noon As Chrysler Prepares To File Chapter 11

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat UPDATE: Obama To Make Statement At Noon As Chrysler Prepares To File Chapter 11 April 30, 2009 10:50 a.m. EST Mayur Pahilajani - AHN News Writer New York, NY (AHN) - President Barack Obama is expected to make a statement at noon ET on Thursday on the auto sector's condition as Chrysler LLC prepares to file for a bankruptcy, the reports confirmed. It has become certain that the automaker will have to file Chapter 11 as the talks between lenders and the U.S. Treasury Department to prevent its collapse broke down late Wednesday. The negotiations between the company's 46 lenders and Treasury collapsed even after the regulator offered them to pay $2.25 billion in cash, $250 million more from the previous offer, to forgive $6.9 billion in secured debt, the report said. In its viability plan, Auburn Hills-based Chrysler said that it requires additional funds by March 31. Based on the auto maker's plan, it was asking for $5 billion in extra funds to survive the slumping demand for cars and trucks. The firm has already received loans of $4 billion in December. The Obama administration was hopeful of the talks to succeed as the automaker had reached a deal with United Auto Workers (UAW) to cut costs in its labor contract, including freezing of wages for the company's 26,000 U.S. hourly workers and to cut down on over $5 billion from the total payment to be made by Chrysler into a retiree health care trust in 2010. The settlement agreement ratified by the workers includes commitments from Fiat to manufacture a new small car in one of Chrysler's U.S. facilities, and to share key technology with Chrysler, the UAW said in a statement yesterday "After a month of tireless negotiations, the Administration went into yesterday afternoon with the full support of Chrysler's key stakeholders, including the [United Auto Workers union] and the largest creditors. That support remains," CNNMoney quoted an administration official as saying today. But during the meeting some smaller lenders, including hedge funds, refused to accept the government's deal despite support from other large lenders like Citigroup (NYSE:C) and JPMorgan Chase (NYSE:JPM) , the report said. "The agreement of all other key stakeholders ensured that no hedge fund could have a veto over Chrysler's future success," the administration official told CNN. "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 added. Recently, the company indicated that it is planning to lower its workforce from 96,000 to 65,000 employees, with most of them may be at risk of losing jobs, and close nine factories to 38 in North America until 2012 amid slumping global sales. The automaker has around 3,300 dealers that employ 140,000 people. Job losses will cost the workers' families pension benefits and heath care coverage. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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