Chrysler denies financial crisis reports

DETROIT, Dec. 22 (UPI) -- Chrysler Chief Executive Officer Robert Nardelli has denied reports the Detroit automaker is in a financial crisis, saying it's solid.

While several recent reports had Nardelli telling employees the automaker was set to lose $1.6 billion in 2007, the top executive said the company has actually been exceeding its business targets, The Detroit News reported Saturday.

"Chrysler has ample liquidity," a statement from Nardelli said. "We are fully funded with working capital to meet our present and future needs and objectives. We are on target and have the unwavering support of Cerberus (Capital Management LP), as well as our other key partner, Daimler AG."

Nardelli was named to his post in August after Cerberus took control of Chrysler, a move that led to an announced series of employee layoffs.

The layoff announcement in November included up to 12,000 jobs within the automaker and was paired with plans to end production of four automobile models and limit work shifts at five Chrysler assembly plants.