Chrysler LLC execs met with President Obama's auto industry task force, presenting their case for $5 billion in new government loans directly to the group charged with sorting out the automaker's future.
A group including chairman and CEO Bob Nardelli and vice chair Tom LaSorda met with the task force, according to sources. The execs are expected to offer details to the panel on the viability plan presented earlier this month. General Motors Corp. (NYSE:GM) executives will get a similar opportunity to meet face to face with the group on Thursday.
The task force, which includes financiers Ron Bloom and Steven Rattner along with Treasury Secretary Tim Geithner, White House economic adviser Larry Summers and various other advisers, has been busy getting up to speed on the industry. On Monday the group reportedly met with purchasing managers with Chrysler, GM and Ford Motor Co. (NYSE:F) to consider requests to aid auto parts makers that have been hit, like the automakers, by falling sales.
The group will learn more about how far the automakers have fallen on Thursday morning when GM reports its year-end results. Analysts expect the company to say it lost about $3.7 billion in the fourth quarter, and about $14.5 billion on $152.6 billion in sales for the full year.
GM has said it could need a total of $30 billion in loans from the U.S. government and $6 billion from other countries where it has large operations to reorganize outside of bankruptcy protection. -
Lou Whiteman
Join Corporate Dealmaker's LinkedIn forum
Juergen Lasowski
And the winners are...
