We’re just hours away from the government-imposed deadline for Chrysler to prove its viability and come up with a restructuring plan that would help it avoid bankruptcy. Speaking during his prime-time news conference on his 100th day as President of the United States, Barack Obama said he was more than hopeful that “a deal could be struck” between Chrysler and Fiat.
“What we’ve seen is the unions have made enormous sacrifices, on top of sacrifices they’ve previously made,” Obama said. “You’ve now seen the major debtholders come up with a set of potential concessions they can live with. All that promises the possibility that you can get a Fiat-Chrysler merger.”
According to a White House official, negotiations over Chrysler’s future are expected to continue right up midnight Thursday.
It’s going to be a long night for everyone involved and we wish you all the luck. We’re all excited to find out what goes on tomorrow.
Updates on Chrysler struggle to prove viability:
April 27, 2009: CAW ratifies Chrysler contract
April 27, 2009: UAW and Chrysler reach deal on labor concessions
April 27, 2009: Fiat: Chrysler bankruptcy won”t kill partnership efforts
April 28, 2009: Daimler agrees to let go of 19.9 percent stake in Chrysler, forgives loans
April 28, 2009: Report: Chrysler lenders agree to write down debt
– By: Omar Rana