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- November 6, 2011 at 3:25 am #375030AnonymousInactive
AUBURN HILLS — Chrysler LLC CEO Robert Nardelli said Thursday the automaker will not reduce capital spending despite recent difficulties raising money in the debt markets.
“Cerberus (Capital Management LP) was able to finance everything that we needed in the deal. So from a capital point, a liquidity standpoint, we’re in very good shape,” he told reporters at an event in Auburn Hills marking the 10th anniversary of the automaker’s Prowler roadster.
“The debt market right now is obviously under a little bit of stress, and some of the deals that were in the pipeline are certainly being held up. But again, we’re very fortunate — Cerberus and the entire deal team working with the banks got this thing done on time, on schedule.”
Last month, as troubles in the subprime mortgage market chilled demand for bonds, Cerberus’ banks were unable to find investors to buy all the loans needed to finance Chrysler’s operations.
The deal was closed after DaimlerChrysler and Cerberus agreed
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