Chrysler is nearing the minimum level of cash needed to run the company and will have trouble paying bills after the first of the year. -- PHOTO: ASSOCIATED PRESS
DETROIT - TWO top Chrysler LLC executives say the automaker is nearing the minimum level of cash needed to run the company and will have trouble paying bills after the first of the year.
In an interview with The Associated Press on Thursday night, Vice-Chairman Tom LaSorda and Chief Financial Officer Ron Kolka also said some parts suppliers have demanded cash on delivery but the company is fending them off.
Mr Kolka says most suppliers are working with Chrysler and getting payments in the normal 45-day cycle. But Mr LaSorda says an oil company that is making billions has demanded cash before shipments.
Chrysler is seeking $7 billion (S$10.4 billion) in government loans as it tries to survive the worst US auto sales climate in 26 years. -- AP
