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The Obama administration remains focused on bringing Chrysler and Fiat into a
working partnership, a U.S. official said Thursday, dismissing a news report that the U.S. car-maker faced imminent bankruptcy.
"In a negotiation like this, everything is speculation until there's a deal. It should surprise no one that the administration is planning on contingencies, but we remain focused on the goal and engaged with all stakeholders to bring Chrysler and Fiat to a working partnership," the administration official said.
The New York Times reported that the Treasury Department was preparing a Chapter 11 bankruptcy filing for Chrysler as soon as next week.
A bankruptcy filing by Chrysler would be the first among Detroit’s troubled automakers, who have been mired in a devastating sales slump since last fall. Treasury is also working with General Motors to prepare a possible bankruptcy case.
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