Brought to you by WBIW News and Network Indiana
Last updated on Thursday, December 18, 2008
(DETROIT, MI) - More troubling news from the Motor City. Our partners at Fox News have reported that Chrysler, LLC has decided to idle all manufacturing operations for a full month, going all the way to the middle of January.
And, what's more, Fox News reports GM and Chrysler have reopened merger talks. Cerberus Capital Management, owners of Chrysler, says they have reopened talks with General Motors after merger talks stalled around a month or so ago, since both companies found the talks distracted from their efforts in maintaining liquidity.
But with this announcement, Cerberus hopes that it signals to Washington Detroit is serious about making changes. Cerberus also owns Chrysler Financial and a controlling stake in GMAC, GM's credit wing, both of which could also be in peril with a Detroit collapse.
Right now, reports coming out of Washington indicate the Bush Administration is willing to put Wall Street money into Detroit, however, until that happens, everything remains in the air, including the production of the much anticipated Chevy Volt plug-in hybrid, whose development has been halted for GM to shore up cash reserves.
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