Chrysler will shut down U.S. assembly plants on Friday with no firm date when they’ll re-open
Chrysler will shut down its thirty U.S. assembly plants on Friday with no firm date when they’ll re-open. That could hinge on billions in taxpayer loans and the terms President Bush attaches to them. He made clear to C-Span what won’t happen. “A disorderly bankruptcy could be very destabilizing for what is now a fragile financial market. In other words, I am concerned about a shock to the system,“ said President Bush.
Chrysler wants four billion dollars to get through January. General Motors says it needs eight billion. United Auto Workers President Ron Gettelfinger said, “We’re hopeful that once we get this bridge loan through that we’ll be able to turn these companies around and move forward.“
Furloughed workers worry about getting through the short term on partial pay. “I’m only getting eighty percent of my pay,“ said Chrysler supplier employee Brad Pasquale. “I still got rent to pay, automobile loans to pay on, still gotta find food and groceries for my family. You know so money is tight.“
See: Chrysler shutdown begins today