Cerberus could be winning bidder for Chrysler

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Posted by Joe Cimoch on Sunday, May 13, 2007 at 18:41:56 :

NEWS ALERT
from The Wall Street Journal


May 13, 2007

Private-equity firm Cerberus Capital Management appears to be the winning bidder for the Chrysler Group and an announcement on the deal could come Monday, people familiar with the matter said.

Daimler Chrysler would unload Chrysler's $18 billion pension and health-care liability off of its balance sheet, these people said. Chrysler Chief Executive LaSorda would continue to run the company while Wolfgang Bernhard, the former Chrysler chief operating officer and Cerberus adviser, wouldn't have an executive role, but could have a board seat.





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