Italy says Fiat needs deep, definitive overhaul

Newswire

By Tonia Mastrobuoni ROME, Nov 27 (Reuters) - Debt-laden Fiat SpA needs a deep and definitive restructuring for it to survive, Italy's industry minister said on Wednesday, as final negotiations over the company's job and debt slashing plan kick off. Under intense pressure to dynamite its debt pile and revive its troubled car arm, Fiat plans to lay off more than 8,000 staff for at least a year. Unions and the government want the loss-making group to look elsewhere for a return to profit. ...

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