Chrysler's cash burn has been slowing since bankruptcy filing, CEO says
China Daily | Updated: 2009-07-02 08:05
SOUTHFIELD, MICHIGAN/MILAN: Chrysler Group LLC has stemmed the pace at which it uses cash after emerging from bankruptcy June 10 as a slimmer company, Chief Executive Officer Sergio Marchionne said.
Chrysler, which reorganized around what it considered its best assets and $6 billion in fresh financing from the US and Canadian governments, went through $9.6 billion in cash in 2008.
"We are still burning cash, but it's slowed down by far," Marchionne said in an interview in New York on Tuesday. "The question is how quickly we can stop the bleeding. That is priority No 1." He declined to say how quickly the company is using cash.
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