Chrysler makes progress in Fiat alliance talks-Nardelli

Newswire

DETROIT, April 29 (Reuters) - Chrysler continues to make progress in its efforts to complete a proposed alliance with Fiat SpA and qualify for additional government loans, Chrysler Chief Executive Bob Nardelli said on Wednesday. The U.S. Treasury Department has reached an agreement with Chrysler's largest creditors to cancel $6.9 billion of debt in exchange for $2 billion in cash, Nardelli confirmed in a memo to staff obtained by Reuters. "If approved, it would clear a significant hurdle ...

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