CORRECTION - NEW YORK - ANALYSIS-Cerberus out of gas with Chrysler deal

Newswire

By Megan Davies NEW YORK, April 30 (Reuters) - When Cerberus Capital Management struck a $7.4 billion deal to buy Chrysler in May 2007, it made a big, risky bet that it could succeed in turning around an American icon. It declared that the carmaker would benefit from life out of the spotlight, without the pressure of quarterly reporting. "Our capital is patience," Cerberus Chairman John Snow said on striking the deal. But the failure of the No. 3 U.S. automaker could not have been a ...

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