As was to be expected, Chrysler saw this as a sign of good things to come, even if the overall pictures remains the same: Chrysler may go bankrupt as soon as today. Tom LaSorda, Chrysler vice chairman, had this to say on the UAW contract:
“We are thankful to the Chrysler UAW members for their support in ratifying this contract, especially during these challenging times. This was a necessary step as we move forward in revitalizing this great Company. Today's vote enables us to continue our work to meet the conditions laid out by the U. S. Treasury Department. The entire Chrysler leadership team believes in and appreciates the men and women that make up our great workforce worldwide."
As we said, this is the only good news to surface these past few days. According to interior sources quoted by Reuters, Chrysler's talks with Fiat and a group of lenders have run into a road block.
On the other hand, the UAW ratification of contract has made President Obama feel more optimistic about the prospects of the American manufacturer's future. Talking about the Fiat deal, Obama said "The details have not yet been finalized so I don't want to jump the gun, but I'm feeling more optimistic than I was about the possibilities about that getting done."
The details of the UAW-Chrysler new contract are not yet completely known, but previous reports stated that the UAW may receive, in exchange for concessions, a 55 percent stake in the future company.
New developments are expected throughout the day and we cover the story as it develops.
Update: Chrysler files for bankruptcy
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