Tags: chrysler | not | bankrupt

Chrysler: 'No Basis' for Bankruptcy Rumor

Thursday, 26 Jun 2008 10:37 AM

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A spokesman for Chrysler on Thursday said market rumors of a bankruptcy filing by the privately held automaker were "without merit," saying the company had ample liquidity.

"The rumor is without merit," Chrysler spokesman Dave Elshoff said. "There is no basis for the rumor."

The concern about Chrysler's liquidity position and the rumor of a Chapter 11 filing drove down prices for the automaker's loans on Thursday, according to Loan Pricing Corp.

Chrysler Financial's first-lien term loan fell about 4 points to 81.375-82.375, according to Loan Pricing Corp.

Fitch Ratings on Wednesday cut ratings for both Chrysler, now controlled by Cerberus Capital Management, and its larger rival General Motors, citing the industry-wide downturn in sales.

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