Obama's auto adviser praises Chrysler's quick exit

• Source: xinhua
• [09:48 June 17 2009]
• Comments

The Obama administration's top auto adviser Steve Rattner said Chrysler's emergence from bankruptcy in just 42 days had gone almost exactly to form and it offers optimism that General Motors Corp. can follow suit, the Detroit News reported Tuesday.

"We found that the game plan that we had designed back in the March time period actually worked," Rattner said in an interview with the Detroit News.

"It made us feel pretty good going into GM, even though we know GM is bigger and more complicated, that we should be able to accomplish a similar result albeit over a slightly longer period of time," he said.

GM filed for bankruptcy on June 1 and hopes to exit in two to three months. GM faces a key June 30 hearing on its plans to emerge from court protection. The Obama administration has vowed to help GM with another 30.1 billion US dollars in restructuring aid.

Rattner also praised the management of Chrysler Group under Fiat SpA Sergio Marchionne, who took over as CEO last week.