Thursday, November 19, 2009

U.S. encouraged by Fiat plan for Chrysler

WASHINGTON (Reuters) - The U.S. government is encouraged by the turnaround plan for Chrysler presented by Fiat SpA (FIA.MI) but will not push for a quick offering of the automaker's shares, a senior official said.

"We see management with a huge sense of urgency. We see a huge dedication and commitment, working extremely hard," Ron Bloom, who heads the Obama administration's autos task force told Reuters on Tuesday. "It's an ambitious plan."

The U.S. Treasury directed and funded a restructuring of the No. 3 U.S. automaker in bankruptcy that gave operational control of Chrysler and an initial 20-percent stake to Fiat....More

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