Published on April 30th, 2009 | by Michael J Smith0
Chrysler Bankruptcy Not Expected To Affect Sprint Cup
Despite announcing that it would file for bankruptcy protection and its recent partnership with Fiat SpA, Chrylser said that it remains committed to the Sprint Cup series and NASCAR.
Mike Accavitti, an official with Dodge Motorsports, said:
The partnership not only will transform Chrysler into a new, stronger car company with many strategic advantages, it will enable the company to better serve our customers with a broader and more comprehensive lineup of vehicles. NASCAR is a strategic part of our marketing plan and the Dodge brand. We plan to continue our Dodge sponsorship and relationship into the foreseeable future.
The Treasury Department is planning on giving Chrysler as much as $3.5 billion, while the Canadian and Ontario governments are going to provide ths company without about $800 million in exchange for 2 percent equity.