Anto
04-30-2009, 02:18 AM
Does not look good for Chrysler...22 hours left and counting down. It figures hedge funds want more.
Link (http://news.yahoo.com/s/ap/20090430/ap_on_bi_ge/us_chrysler_fiat)
"DETROIT – Talks between Chrysler LLC's lenders and the Treasury Department to reduce the automaker's $6.9 billion in secured debt and keep it out of bankruptcy protection have disintegrated, a person familiar with the talks said early Thursday.
Chrysler's fate was in the hands of about 40 hedge funds that hold about 30 percent of its debt. Although four banks holding 70 percent of the debt had agreed to erase it for $2 billion, the hedge funds were holding out for a better deal."
Link (http://news.yahoo.com/s/ap/20090430/ap_on_bi_ge/us_chrysler_fiat)
"DETROIT – Talks between Chrysler LLC's lenders and the Treasury Department to reduce the automaker's $6.9 billion in secured debt and keep it out of bankruptcy protection have disintegrated, a person familiar with the talks said early Thursday.
Chrysler's fate was in the hands of about 40 hedge funds that hold about 30 percent of its debt. Although four banks holding 70 percent of the debt had agreed to erase it for $2 billion, the hedge funds were holding out for a better deal."