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.