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Agreement may help Chrysler
April 29, 2009, Wednesday
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THE United States Treasury has reached an agreement in principle with Chrysler LLC's first-line lenders that may help the troubled auto maker avoid bankruptcy, two people briefed on the discussions said yesterday.
The terms of the high-stakes debt restructuring deal were not immediately available, and representatives of Chrysler, the lenders and the Treasury could not be immediately reached for comment. Chrysler's lenders, owed US$6.9 billion in secured loans, have agreed to write down the debt to US$2 billion, the Washington Post said yesterday.
The terms of the high-stakes debt restructuring deal were not immediately available, and representatives of Chrysler, the lenders and the Treasury could not be immediately reached for comment. Chrysler's lenders, owed US$6.9 billion in secured loans, have agreed to write down the debt to US$2 billion, the Washington Post said yesterday.
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