Chrysler has just released its 177-page “Viability Plan.” It will no doubt take plenty of time to go through (and this, of course, was unintentional on Chrysler’s part). In the interim, some highlights:
—Chrysler wants $5 billion by the end of March for “working capital and other operating expenses.” This would mean a total bailout purse of $9 billion, an increase over the $7 billion requested in December.
—The theme is “pay us now or it’s going to cost you more money than you can possibly imagine— or print.” This sounds suspiciously like like some word I learned once. Axtortion? No. Extourtan? What was it?
—There’s plenty of bankruptcy and liquidation analysis, projecting what the costs would be if they went bust.
—The “Stand Alone” business plan includes a $600 million profit in 2010, followed by a loss of the same amount in 2011, then another loss of $600 million in 2012, then a break-even year in 2013, followed by a projected $1B in profits in 2014.
—24 product launches in 48 months. I can only assume they are counting different paint colors as individual product launches.
—Fiat could, in theory, take another 20% stake of Chrysler for a majority share of 55%.
—“No American taxpayer money would go to Fiat.” Semantics.