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Chrysler needs more money to close Fiat deal

by Bill Cawthon on

Chrysler says it needs another $3 billion in federal loans to go through with its proposed alliance with Fiat. This is the same $3 billion that was withheld from Chrysler’s original $7 billion loan request.

CEO Bob Nardelli said if the loan is approved, the deal with Fiat could be closed quickly.

Chrysler is already facing a February 17 deadline to present a viability plan to the Treasury Department. Failure to persuade the Treasury could mean the $4 billion already loaned to the automaker could be recalled. In addition, some members of Congress have already voiced criticism of the plan, saying taxpayer money should not be going to a foreign company. Chrysler has already said that Fiat would no get any of the money.

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.

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