Chrysler to seek 7 billion in government loans

Dec 03,2008 00:00 by admin
Chrysler says that without a federal loan, its cash could fall below the minimum amount required to run the company in the first quarter of next year.

The company said in a plan for federal loans delivered to Congress on Tuesday that it would seek $7 billion from the government by Dec. 31.

It also says that CEO Robert Nardelli already gets a $1 per year salary from Chrysler and receives no health care or other benefits.

Chrysler LLC also says it did not pay salaried workers merit raises or performance bonuses this year and doesn't intend to pay them in 2009.

All three automakers have submitted their plans to Congress, and the CEOs plan to attend hearings later this week in an effort to secure $25 billion in loans.

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