US gives conditional OK to new Chrysler backing
The government gave conditional approval to $400 million in additional federal loan guarantees for the Chrysler Corporation. The Chrysler Loan Guarantee Board voted unanimously to grant Chrysler the terms and conditions on which the board is prepared to approve the guarantees. The terms call for new concessions from workers, suppliers, and lenders, and the United Automobile Workers has agreed to its own concessions. Chrysler must obtain by Friday assurances from lenders and suppliers that they also agree to the plan.