Confident in Chrysler

Michigan governor Jennifer Granholm is confident in the future of Chrysler,which is in Chapter 11 bankruptcy protection.We are gonna see Chrysler emerge as a stronger,leaner,greener company, she said.They've got agreements with the vast majority of stakeholders.The hedge funds were offered a premium,but they rejected it because they wanted more.I don't know that hedge funds were acting in their investors' best interest,the governor remarked.Saving Chrysler is about jobs-38,000 jobs inside Michigan alone,Governor Granholm indicated.Under the agreements,which must be approved by a bankruptcy court,the U.S. government will get an 8% stake in Chrysler,the third-largest North American automaker;the Canadian government will get 2%;Italian automaker Fiat will get 20-35%,depending on whether targets are met;and the United Auto Workers and Canadian Auto Workers will get a 55% stake in the firm,which was privately held by Cerberus Capital Management.