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Wed, Apr 01, 2009 - Page 10 News List

Obama gives carmakers a bitter choice

BANKRUPTCY: The US president gave General Motors 60 days to come out with an acceptable restructuring plan and Chrysler 30 days to complete an alliance with Fiat


New directors will make up the majority of GM’s board, the statement said. The directors who will be replaced have not yet been named.

Chrysler’s proposed deal with Fiat would give the Italian company a 35 percent stake in the US automaker and entree into the US market. In return, Chrysler would get badly needed small-car technology.

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