Chrysler’s CEO Bob Nardelli has promised that the company will use its $3 billion in second-stage federal loan money for North American operations even if Chrysler and Fiat move forward with their partnership. He said that the second round funding will be “the only way that a deal will get consummated.”
“None of the funds that we’ve got from the treasury will flow out of Chrysler,” Nardelli said.
So for Chrysler has received $4 billion in loans. A Chrysler spokeswoman told Automotive News that Chrysler is eager to meet with a ‘car czar’ that will be named by the Obama administration. The appointed person will oversee the turnaround plans to determine whether Chrysler and General Motors get to keep the loans.
A turnaround plan showing Chrysler’s viability has to be presented Feb. 17 with a final resolution on March 31.