[Iran Press TV Latest] US President Barack Obama confirms that troubled automaker Chrysler will file for bankruptcy protection, adding that the company will emerge from the process quickly. President Obama threw his weight behind the nation's third largest automaker on Thursday, adding that his administration would take necessary measures to give the struggling company "a new lease on life".
In brief remarks at the White House, President Obama also revealed that Chrysler completed its long-waited deal with the Italian carmaker Fiat. "Today, I am pleased to announce that Chrysler and Fiat have formed a partnership that has a strong chance of success," said the American president.
| Two crappy, government-supported, under-capitalized automakers come together to make and sell cars. What could possibly go wrong ... |
The Canadian and Italian governments have also vowed to help the company. Canada says it is allocating 2.4 billion dollars to the automaker to help its restructuring process.
Italian Industry Minister Claudio Scajola spoke in support of the partnership deal between Chrysler and Fiat and said he would try to facilitate talks between Fiat and Italian trade unions regarding the deal.
On Tuesday, a group of Chrysler lenders with a total of one billion dollars in debt announced that they are in talks with the US Treasury to reduce the company's debt. "We are continuing to discuss our position with the United States Treasury," the 20-member group said in a statement.