Archive

Chrysler's Creditors Must Concede

BANKRUPTCY

Michigan Democrats say the unions have had enough.

And the clock keeps ticking for Chrysler. The Obama administration is giving the embattled car company until Thursday to reach a cost-cutting deal or join with Italian carmaker Fiat SpA but now Michigan Democrats are speaking out: “The unions have come to the table over and over and over again and have taken huge cuts,” said Senator Debbie Stabenow at a Michigan Democratic Party fundraising event in Detroit. “It is now incumbent on the creditors, in particular those that have taken public funds, to make some concessions and be a part of the solution.” Governor Jennifer Granholm said, “This is going to be a tough week and new battle lines have been drawn.” An agreement reached Friday between the Canadian Auto Workers union and Chrysler demonstrated good-faith reasoning of the unions, and now creditors are being called to follow suit or the company faces potential bankruptcy.

Read it at Reuters