Chrysler is preparing to meet “accountability and viability” criteria requested by Congress as a condition for considering a government rescue for the U.S. auto industry, chief executive Bob Nardelli said. Lawmakers last week rejected providing $25 billion in loans to the auto industry without preconditions. However, they agreed to give them another chance to make their case for a rescue package, asking for the submission of restructuring plans by December 2. “The company … is ready to share our plans for returning Chrysler to profitability as we move beyond this unprecedented financial crisis,” Nardelli said in a memorandum to employees that was obtained by Reuters. Congress is scheduled to reconvene December 8 to review the automakers' plans and consider aid for General Motors, Ford Motor, and Chrysler LLC, which is owned by private-equity firm Cerberus Capital Management. Nardelli said that if government loans are provided, they would be used to support Chrysler's ongoing operations, including obligations to pay wages and suppliers, fund health care and pensions, and continue future product development.
