Chrysler LLC is requesting $7 billion in loans before the end of the
year or it could go bankrupt, according to a plan company officials
submitted to the Senate Banking Committee yesterday. The company says
that without immediate help, its liquid assets could fall below the
level needed to keep the company afloat through the first quarter of
2009. Mergers and consolidations are key to the company's cost-cutting
strategy: "To further enhance its product portfolio, support growth,
and improve its cost structure, Chrysler continues to aggressively
pursue strategic alliances and partnerships." The plan also revealed
that CEO Robert Nardelli is already receiving a salary of $1 per year
and receives no health care, insurance, or similar benefits from the
company. Nardelli is expected to be in Washington, D.C., today with his
counterparts from Ford Motor Company and General Motors for
Congressional hearings to determine if the companies will receive
bailout funds from the government.
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