Chrysler LLC Chairman Robert Nardelli confirmed today a new board of directors would be appointed should the automaker successfully complete an alliance with Fiat SpA, but also used a series of letters sent to employees today to warn that failure to achieve labor concessions in Canada threaten operations in that country.
A mass e-mail to U.S. employees provided an update on stakeholder talks with two weeks to meet a government deadline in return for federal funding.
Successful debt for equity swaps with bankers and the United Auto Workers union, and equity for the government and Fiat, will redraw Chrysler's corporate map. Once completed, "a board of directors for Chrysler will be appointed by the U.S. government and Fiat.
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