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Good progress on auto loans
GENERAL Motors Corp and Chrysler LLC made significant progress late on Thursday on a deal to secure emergency loans as part of a United States government aid package, people familiar with the talks said.
The package would demand sweeping restructuring at the troubled auto makers in exchange for bridge loans to carry GM and Chrysler for several months, according to the sources.
Representatives of the two auto makers and the US government continued talks late into Thursday evening, people familiar with the closed-door discussions said.
Both GM and Chrysler have been forced to idle plants and lay off thousands of workers across North America as they try to shore up cash and have warned they could face bankruptcy without federal assistance.
The aid package being spearheaded by the White House would demand that both auto makers restructure by seeking new concessions from organized labor and creditors, two people briefed on the talks said.
GM and Chrysler have not commented on the aid talks with the Bush administration which have continued over the past week after an attempt to pass legislation to support the industry failed in the US Senate.
In interviews on Thursday, US President George W. Bush said he was concerned about the impact a 'disorderly bankruptcy' might have on markets and the economy. But Bush, who leaves office next month, also said the auto makers would have to show they have workable plans to become competitive and profitable.
Bridge loan
One remaining uncertainty is where an emergency federal bridge loan would leave Chrysler, considered the weakest of the US auto makers.
Chrysler Chief Executive Bob Nardelli said last month the privately held auto maker needs both taxpayer-backed loans and an alliance with one or more auto makers to survive.
More recently, Nardelli has said the auto maker could restructure to emerge as a standalone competitor, but most analysts are sceptical of that prospect because of Chrysler's heavy reliance on the deeply depressed US market and its inability to fund new vehicle development programs.
Cerberus Capital Management, the private equity firm that bought 80 percent of Chrysler from Daimler AG, has retained advisors to study a range of options for the No. 3 US auto maker, including selling off its most valuable assets, including its Jeep brand and its minivan line.
GM and Chrysler have said a bankruptcy filing is not an option because of the risk that it would drive more consumers away from their brands. They have also said a filing by one could topple suppliers and endanger the remaining two firms because of the overlap in their key parts suppliers.
The package would demand sweeping restructuring at the troubled auto makers in exchange for bridge loans to carry GM and Chrysler for several months, according to the sources.
Representatives of the two auto makers and the US government continued talks late into Thursday evening, people familiar with the closed-door discussions said.
Both GM and Chrysler have been forced to idle plants and lay off thousands of workers across North America as they try to shore up cash and have warned they could face bankruptcy without federal assistance.
The aid package being spearheaded by the White House would demand that both auto makers restructure by seeking new concessions from organized labor and creditors, two people briefed on the talks said.
GM and Chrysler have not commented on the aid talks with the Bush administration which have continued over the past week after an attempt to pass legislation to support the industry failed in the US Senate.
In interviews on Thursday, US President George W. Bush said he was concerned about the impact a 'disorderly bankruptcy' might have on markets and the economy. But Bush, who leaves office next month, also said the auto makers would have to show they have workable plans to become competitive and profitable.
Bridge loan
One remaining uncertainty is where an emergency federal bridge loan would leave Chrysler, considered the weakest of the US auto makers.
Chrysler Chief Executive Bob Nardelli said last month the privately held auto maker needs both taxpayer-backed loans and an alliance with one or more auto makers to survive.
More recently, Nardelli has said the auto maker could restructure to emerge as a standalone competitor, but most analysts are sceptical of that prospect because of Chrysler's heavy reliance on the deeply depressed US market and its inability to fund new vehicle development programs.
Cerberus Capital Management, the private equity firm that bought 80 percent of Chrysler from Daimler AG, has retained advisors to study a range of options for the No. 3 US auto maker, including selling off its most valuable assets, including its Jeep brand and its minivan line.
GM and Chrysler have said a bankruptcy filing is not an option because of the risk that it would drive more consumers away from their brands. They have also said a filing by one could topple suppliers and endanger the remaining two firms because of the overlap in their key parts suppliers.
