Chrysler's Nardelli blames J.P. Morgan (Dealscape

Chrysler LLC's chief executive testified Thursday that J.P. Morgan Chase Bank NA blocked its management from talking to other first-lien lenders so that the bank's executives could negotiate directly with the U.S. Treasury Department.

Robert Nardelli, who spent more than six hours on the stand in the second day of hearings, told the U.S. Bankruptcy Court for the Southern District of New York in Manhattan that Chrysler had originally tried to approach the first-lien lenders on its own when it was attempting to restructure out of court. Chrysler was prepared to offer the lenders "dollars and equity," but was rebuffed by the leader of the group, J.P. Morgan, which wanted to deal with only the federal government.

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NOT A SUBSCRIBER? Chrysler's Nardelli blames J.P. Morgan Posted on May 29, 2009 2:00 PM Chrysler LLC's chief executive testified Thursday that J.P. Morgan Chase Bank NA blocked its management from talking to other first-lien lenders so that the bank's executives could negotiate directly with the U.S. Treasury Department. Robert Nardelli, who spent more than six hours on the stand in the second day of hearings, told the U.S. Bankruptcy Court for the Southern District of New York in Manhattan that Chrysler had originally tried to approach the first-lien lenders on its own when it was attempting to restructure out of court. Chrysler was prepared to offer the lenders "dollars and equity," but was rebuffed by the leader of the group, J.P. Morgan, which wanted to deal with only the federal government. This is a free preview of the content available in The Deal Pipeline. Subscribers enjoy access to the full story, as well as second-to-none research tools. To request a demo, or, if you are an existing user to The Deal Pipeline, log in to your account, please scroll down and click the button. Dig deeper, with Pipeline. 701 in-depth transaction records for J.P. Morgan Chase 275 in-depth reports of Bankruptcies in the Automotive sector 56 in-depth transaction records for Chrysler 52 articles related to Robert Nardelli 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Deutsche Bank Birds Eye Cadbury AG Agrium Inc. Skadden Arps Revolution Money Tandberg ASA Aisling Capital Ken Lewis Natco		EXISTING USERS Username Password Forget your password? Missing a product?

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