Cerberus Chairman Says Company to Support Chrysler for Long Haul

ROCHESTER, MI – Cerberus Capital Management LP has no plans to resell Chrysler Group after its $7.4 billion deal to buy 80.1% of the Detroit auto maker closes later this quarter, the equity firm’s top executive says.

“We never buy a company with an exit strategy,” Chairman John Snow says in his address to the Detroit Economic Club here.

Cerberus, which has holdings in various companies ...