"He said: 'You know, Ken, a lot of things can happen in two days, but if I was a betting man, I would suggest Chrysler is going to fall into Chapter 11,'" union President Ken Lewenza was quoted as saying by the aforementioned source.
"We may need to do that, regardless of all the bondholders and stakeholders coming to the pump. There's still a lot of work that has to be done, but the Canadian plants are about as well positioned as you could possibly be," he added.
Chrysler and the Canadian Auto Workers union this week announced they have reached a deal, with approximately 87 percent of the union's members agreeing with the proposals forwarded by the American automaker. Chrysler is now continuing negotiations with Fiat over the proposed alliance, with the company facing a Thursday deadline to announce a decision.
Asked whether he would be interested in purchasing certain divisions of Chrysler in case the company goes bankrupt, Marchionne promptly rejected the idea, pointing that he'd like Chrysler as a whole.
"I like Chrysler in its totality," he said a few days ago. "I see no reason why it cannot happen," Marchionne added, explaining that Chapter 11 would not be an impediment to complete the partnership. "I can only confirm our unwavering commitment to get this transaction done. We see benefits to both Fiat and to Chrysler."
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