Cerberus Strengthens Chrysler Bid: FT

Cerberus Capital Management's potential bid for DaimlerChrysler's Chrysler unit gained a boost as Wolfgang Bernhard, the restructuring expert who helped to turn around Chrysler five years ago, signed an advisory contract with the group, according to a report in the Financial Times.

Bernhard signed the full-time contract recently, according to several people familiar with the situation, the FT reported. He brings experiecne from his previous post as chief operating officer at Chrysler and is renowned as one of the car industry's most skilled restructuring experts.

Cerberus Capital Management is in competition with several other private equity funds for Chrysler, including Blackstone Group and Ripplewood Holdings, Reuters reported, as well as the likes of General Motors and Magna International who have expressed interest in the potential sale, said the FT.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Tang is known by her stage name G.E.M. She is a Hong Kong based pop artist who has a powerful voice and a diverse fan base. Her 80 concerts from 2013 to 2015 helped make her one of the top-grossing singers in Asia.

  • "Mad Money" host Jim Cramer on what the highly anticipated Apple Watch could mean for the stock.

  • Mad Money host Jim Cramer explains how he ranks stocks for when things are going good, or go horribly wrong.