Cerberus chief won’t sell Chrysler
From Times Wire Services
The chairman of the private equity firm that is buying Chrysler said it would fix and keep the troubled automaker and had no plans to sell it.
Former Treasury Secretary John W. Snow, who is chairman of Cerberus Capital Management, said the U.S. auto industry was poised for a turnaround.
Snow said that Cerberus liked Chrysler Chief Executive Tom LaSorda’s recovery plan and that taking the company private would give LaSorda time to implement it. The plan calls for a return to profitability by 2009.
DaimlerChrysler, the maker of Mercedes luxury cars, agreed in May to transfer an 80.1% stake in its U.S.-based Chrysler unit to New York-based Cerberus.
