Chrysler and Ford (F) CEOs Comment to House Finance Committee Hearing
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Chrysler's CEO, Nardelli issues comments at House Finance Committee Hearing:
Nardelli welcomes the government as stockholders and equity-holders, Cerberus would forgo any upside from the benefit of gov't help, Sees cost of bankruptcy significantly higher than the share of a $25 billion bridge loan, Chrysler is a true North American brand with 61% of cars produced here and 73% of sales here, Sees significant loss of sales if bankruptcy happens, 75% of dealers and 50% of customers depended on Chrysler financial, but credit markets dried up.
Ford's (NYSE: F) CEO, Alan Mulally comments:
Mulally said Ford is well on the way to transforming its company, Closed 17 plants and renegotiated UAW contracts in strong and quick transformation, Goal to create a viable new company and we went to credit markets early, Ford profitable in Q1, but credit crisis/economic crisis stopped us cold, Feel we have enough liquidity, but we must be prepared for slower sales in 2009.
Ford Motor Company (Ford) is a producer of cars and trucks. [SM]
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