With $400 million in new loans, Chrysler seeks a suitor
Another chapter in Chrysler's struggle for survival was concluded last week, when the Government's Loan Guarantee Board gave preliminary approval to an additional $400 million in federally backed loans for the automaker. This time there were fewer of the reassuring promises that Chrysler can remain an independent automobile manufacturer. Instead, the latest negotiations stressed the need to make the nearly insolvent company a more attractive candidate for partnership or takeover. Company Chairman Lee Iacocca called the agreement a "super deal" that could bring...
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