Chrysler could run out of cash by 2009
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و اليكم المقال
As a privately-held company, Chrysler LLC hasn’t been required to share its financial information with the public. Shrouded in a veil of secrecy, the automaker has only strongly hinted of its dire financial situation without giving specifics - until now. According to CEO Bob Nardelli, Chrysler has about $6.1 billion in cash reserves, much less than most analysts had predicted.
Nardelli said that Chrysler needs a minimum of $5 billion on hand to operate, so with a $1.1 billion cushion, there’s not much time left before the automaker simply runs out of money. Chrysler’s level of cash dropped about $3 billion in the third quarter of 2008.
Chrysler has been sharply cutting spending - like forcing its dealers to pay for its presence at the Los Angeles Auto Show and Nardelli’s statement last week that he would drop his annual salary to $1. Yet Chrysler is also bound by old contracts that require employee bonuses, as well as overdue bills to suppliers and a $20 billion annual healthcare obligation - not to mention the $6 billion the company requires to pay its 56,000 employees every year.
Nardelli has asked for $7 billion of the proposed $25 billion Detroit bailout to be delivered directly to the Auburn Hills, Michigan, automaker, and this latest look at the automaker’s cash reserves reveals that it can’t wait until the new administration takes office in late January.
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