Chrysler boss promises 'to be accountable'

DEARBORN, Mich., Dec. 19 (UPI) -- Chrysler LLC Chief Executive Officer Bob Nardelli pledged Friday to be accountable for the $4 billion the U.S. automaker will get in a federal emergency loan.

President George Bush said he was authorizing about $13.4 billion in short-term financing for Chrysler and General Motors Corp. so they can reorganize their operations to be more viable and competitive in the future. The plan also would make available another $4 billion in February if needed. If they cannot show improvements in a three-month window, the companies must repay the loans and possibly seek Chapter 11 bankruptcy protection. Ford Motors, because it is in better financial shape at this time, is not included in the bailout plan.

"The receipt of this loan means Chrysler can continue to pursue its vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again," Nardelli said in an open letter to Chrysler employees and other stakeholders. "(We) intend to be accountable for this loan, including meeting the specific requirements set forth by the government"

The bridge loan's requirements include Chrysler committing to reach concessions from key groups -- including owners, lenders, suppliers, dealers, management and employees -- the troubled automaker needs to be a viable, long-term business, Nardelli said.

"These concessions discussions will happen quickly, as a full governmental review and approval of our plan is expected by March 31, 2009," he said.

Nardelli said a letter of intent outlining specific requirements has been signed.