Speaking on a conference call with reporters, Vice President Joe Biden said he was optimistic that Chrysler could still complete a merger with Fiat SpA, get the debtors on board and win approval from the UAW for its concessions.
"Whether it all gets done in time and still locks up, completes the Fiat deal, which appears close at hand, is going to be a close call," Biden said.
"I’m not prepared to predict what that outcome will be. I do believe it's within Chrysler's capacity that either through this reorganization on their own and tying up with Fiat, and or an orderly reorganization in bankruptcy, to survive and come out of this."
Biden said Detroit was going through a "painful transition," but that "I really generally believe that American automobiles can still, over the next decade of the 21st century, lead the world."
He added: "I think it can be done within the timeframe set, but I’m not prepared to bet my daughter’s graduate school tuition on that."
"Whether it all gets done in time and still locks up, completes the Fiat deal, which appears close at hand, is going to be a close call," Biden said.
"I’m not prepared to predict what that outcome will be. I do believe it's within Chrysler's capacity that either through this reorganization on their own and tying up with Fiat, and or an orderly reorganization in bankruptcy, to survive and come out of this."
Biden said Detroit was going through a "painful transition," but that "I really generally believe that American automobiles can still, over the next decade of the 21st century, lead the world."
He added: "I think it can be done within the timeframe set, but I’m not prepared to bet my daughter’s graduate school tuition on that."
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