Press: Chrysler should be “viable” by springtime

Speaking to reporters at the National Automobile Dealers Association annual convention, Chrysler LLC’s Vice Chairman and President Jim Press said that the company should be “viable” by springtime – by “viable” he means “remaining solvent and continuing to invest in new product”

Press said that Chrysler should be viable by springtime due to its restructuring efforts, introduction of new and improve vehicles and higher sales due to loosened credit and incentives. However, Press said he didn’t know when the company will return to profitability.

So far, Chrysler has received $4 billion government loans to hold off going bankrupt. It expects an another $3 billion by Feb. 17. Press said that without the loan, Chrysler will run out of cash and go under.

Source: MSNBC