UPDATE 1-US Treasury to make new Chrysler debt offer-sources

lunes 27 de abril de 2009 05:51 CEST
 

* New offer to Chrysler lenders as soon as Monday-sources

* UAW deal with Chrysler highlights pressure on lenders

* First-lien lenders want to avoid bankruptcy-source (Adds background on UAW tentative deal, detail on position of Chrysler creditors, bylines)

By Kevin Krolicki and John Crawley

DENVER/WASHINGTON, April 26 (Reuters) - The U.S. Treasury is expected to make a new debt restructuring offer to Chrysler's first-lien lenders as soon as Monday in the wake of cost-cutting deals the struggling automaker won with unions, people briefed on the negotiations said on Sunday.

Chrysler's lenders are owed $6.9 billion in secured loans that stem from the 2007 deal that spun off a majority stake in the No. 3 U.S. automaker from Germany's Daimler AG. (DAIGn.DE: Cotización)

Chrysler, now 80-percent owned by Cerberus Capital Management, faces a deadline of later this week to wrap up concessionary deals with its unions and creditors and to close an alliance with Italy's Fiat SpA FIA.MI in order to win continued financial support from the U.S. government. [ID:nN26459242]

A committee of Chrysler's lenders including JPMorgan Chase & Co (JPM.N: Cotización), Goldman Sachs Group Inc (GS.N: Cotización), Morgan Stanley (MS.N: Cotización) and Citigroup Inc (C.N: Cotización) last week proposed taking $3.75 billion in debt and a 40-percent equity stake in a restructured company.

In response, Treasury offered the Chrysler lenders $1.5 billion in first-lien debt and a 5 percent equity stake in a restructured company. The latest terms of the Obama administration's offer were not immediately known, according to the people who spoke about the confidential discussions on condition that they not be named.   Continuación...