Word: chryslers
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...deal seemed all set when Treasury Secretary G. William Miller declared early in November that the Administration was, after all, prepared to back a $1.5 billion rescue fund for Chrysler. But now the outlook is a lot less sure. Opposition to Government aid is gaining ground, not only in Congress but also among the company's own bankers...
...committee instead wrote and approved a much tougher bill. It offers Chrysler federal guarantees of $1.25 billion and demands, as a firm precondition, major concessions from all who stand to benefit from the company. It also seeks the creation of an employee stock ownership plan, which some Senators are promoting as a way to give workers a stake in their firms and share in profit growth. But, following Inflation Fighter Alfred Kahn's earlier attack on the "outrageous" United Auto Workers' wage settlement with Chrysler, the committee's most contentious call was for a three-year wage...
...bill now goes to the full Senate, where it will face some fierce lobbying. Douglas Fraser, the president of the U. A.W. and a director-elect of Chrysler, protests that a wage freeze is ridiculous. Still, the freeze seems to have a good chance of passing. Even if it fails, the Senate bill will differ markedly from the Administration-designed aid package soon going before the House. There is not much time to resolve the differences. Congress aims to recess by Dec. 21, and probably will not convene before Jan. 22. Chrysler has warned that if it does...
Other automakers are also doing poorly. Leading Detroit's bad news bears again is Chrysler. Fears of buying a car from a company that may go bankrupt and a temporary halt in the rebate campaign combined to sink sales by 44.5% in early November. Chrysler has yard-long waiting lists for the popular front-wheel-drive Omni and Horizon models but cannot make them fast enough...
Meanwhile, Chrysler's rescue plans move sluggishly. Under the Government's $1.5 billion loan guarantee plan, the company must come up with an equal amount of outside help. But banks are showing reluctance to sink more money into the troubled company. Chrysler thus last week was asked by the Government to step up its so far futile efforts for a possible joint venture with a Japanese or European car firm in order to raise additional cash...