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**toksenveste** · 01-22-2009, 09:02 PM

I didn't know they still made micromachines!!
ROME -- Fiat SpA is in talks with Italian banks about arranging up to €5 billion ($6.51 billion) in loans as it grapples with declining car sales and rising debt, according to a person familiar with the matter.

The move underscores the tough financial conditions Fiat faces as it attempts to take a 35% stake in Chrysler LLC as part of a broad strategic alliance...Fiat and Chrysler signed a non-binding agreement on Tuesday, but are under pressure to demonstrate that the potential alliance will revive the ailing U.S. auto maker as the global economic downturn saps car sales world-wide. The U.S. Treasury has told Chrysler it needs to come up with a sound restructuring plan by Feb. 17 to secure billions in government loans.

Fiat's industrial debt soared to €5.94 billion at the end of last year from €355 million in 2007, the company reported on Thursday. Fiat group revenue fell to €13.09 billion in the three-month period ended December 31, a 17% decline from the same period in 2007, when revenue was €15.81 billion.
Fiat Seeks Credit Facility From Italian Banks - WSJ.com
Overall I think it's a good move but the path from here to there appears to be rocky.

01-22-2009, 09:02 PM	#7
toksenveste Join Date Nov 2005 Posts 367 Senior Member	I didn't know they still made micromachines!! ROME -- Fiat SpA is in talks with Italian banks about arranging up to €5 billion ($6.51 billion) in loans as it grapples with declining car sales and rising debt, according to a person familiar with the matter. The move underscores the tough financial conditions Fiat faces as it attempts to take a 35% stake in Chrysler LLC as part of a broad strategic alliance...Fiat and Chrysler signed a non-binding agreement on Tuesday, but are under pressure to demonstrate that the potential alliance will revive the ailing U.S. auto maker as the global economic downturn saps car sales world-wide. The U.S. Treasury has told Chrysler it needs to come up with a sound restructuring plan by Feb. 17 to secure billions in government loans. Fiat's industrial debt soared to €5.94 billion at the end of last year from €355 million in 2007, the company reported on Thursday. Fiat group revenue fell to €13.09 billion in the three-month period ended December 31, a 17% decline from the same period in 2007, when revenue was €15.81 billion. Fiat Seeks Credit Facility From Italian Banks - WSJ.com Overall I think it's a good move but the path from here to there appears to be rocky.
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