Bankruptcy looms in January without fresh Government aid
Chrysler for the second time this year is bumper to bumper with bankruptcy. Last June the company teetered for two weeks before its 400 lenders agreed to ease financing terms so that it could obtain $1.5 billion in federally guaranteed loans. Now Chrysler is asking for $400 million in new Government-backed loans. Without them, the company may not be able to survive the month of January.
The immediate cause of Chrysler's latest crisis was the reluctance of its dealers, whose lots are already packed with unsold cars, to order any more. This has forced the...
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