Chrysler executives downplay bankruptcy talk

With news reports pounding a loud drumbeat that a Chrysler bankruptcy is likely, the company’s top sales and marketing executives held a conference call with their dealers to quell the calamity. On the call, Sales and Marketing Vice President Steve Landry and Co-President James Press downplayed bankruptcy and said it wasn’t the inevitable option that some reports made it out to be. Press said there’s really nothing new, that Treasury was just getting the company ready in case Chrysler and the feds can’t convince their lenders to take a big haircut on the $7 billion in debt that is owed to them. “Nothing has changed,” dealers say Press said. “There is no new pending bankruptcy.” He told the dealers that the company just has to be prepared in case negotiations don’t bear fruit.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.