Bankruptcy for Chrysler Likely Averted as Banks Cave on Debt

Chrysler LLC and the U.S. Treasury Dept. have reached an agreement with banks and private equity firms holding $6.9 billion of the automaker’s debt. Those firms have agreed to take $2 billion and a small equity stake in the company, paving the way, it seems, for Chrysler to avoid bankruptcy and complete an alliance with Italian automaker Fiat.

For the full story go to http://www.businessweek.com/autos/autobeat/archives/2009/04/bankruptcy_for.html

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