Chrysler Restructures Line of Credit: Chrysler Corp....
From Times Staff and Wire Reports
Chrysler Restructures Line of Credit: Chrysler Corp. retained a line of credit with its banks, but took a one-third cut in the amount it could borrow in a restructuring of the agreement, the auto maker said. The new agreement also calls for Chrysler to put up 11 of its North American assembly and stamping plants as collateral if it taps at least $500 million of the new $1.75-billion line of credit. The banks have grown increasingly nervous about Chrysler’s financial health and credit worthiness as the auto industry feels the brunt of the recession, analysts said.
