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Chrysler Presents Reorganization Plan to Congress

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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