Press confident Fiat deal can be done in time

Chrysler President and Vice Chairman Jim Press told reporters at the New York Auto Show that the deadline set by the Obama Administration allows ample time to conclude an alliance with Fiat SpA. Press added impact to his remarks by arriving at the unveiling of the next-generation Jeep Grand Cherokee in a diminutive Fiat 500, the wildly popular minicar that has become one of Europe’s best-sellers and would be one of the platforms to be transferred to Chrysler under the terms of the alliance.

Press said Chrysler executives have had a “constructive dialog” with Fiat officials and added, “At this point in time with Fiat, we don’t see anything that would be an impasse or a deal breaker.”

Bankruptcy, Press told the media, is not a favored option and said the two automakers are “working full speed, 24 hours a day” to complete the alliance and demonstrate Chrysler’s viability and qualify for additional government loans.