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Chrysler Says Bankruptcy Can Be Avoided

Chrysler CEO Robert Nardelli says the struggling automaker intends to avoid bankruptcy and that a proposed deal with Italian automaker Fiat might be worth as much as US$10 billion. Agence France-Presse (AFP) reports that Nardelli told President Barack Obama's automotive task force that the company is "viable without a global alliance partner," with the resources to survive on its own even if sales stay in the 11.5 million to 12.6 million unit range over the next six years. However, Nardelli said the company's proposed alliance with Fiat would further enhance Chrysler's viability and provide significant benefits. "Fiat would make available to us its entire product portfolio and powertrain technology, worldwide distribution capabilities for vehicles we produce today, and synergies in the areas of purchasing and engineering, among others," said Nardelli, quoted by AFP. Chrysler has requested an additional $5 billion in emergency loans from the federal government on top of the $4 billion it received in December.

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