According to a recent report by The Wall Street Journal, just months after Chrysler was bought out by private equity firm Cerebus, the automaker is facing some serious financial struggle and is trying to sell land, plants and other assets to raise cash.
Chrysler’s CEO Bob Nardelli told his employees at a meeting earlier this month that the company is headed for a huge loss this year and is trying to sell assets to raise the much needed cash.
“Someone asked me, “Are we bankrupt?”” Nardelli said at the meeting. “Technically, no. Operationally, yes. The only thing that keeps us from going into bankruptcy is the $10 billion investors entrusted us with.”
Nardelli told The Wall Street Journal that his comments were made to “convey a sense of urgency.” He declined to give any information on Chrysler’s forecast for 2009.
[tags]Cars, Car, Auto, Automobile, Vehicles, Technology, Auto News, News, Automotive, Chrysler[/tags]