NEW YORK-Chrysler Group LLC in no hurry to the public, said Chief Executive Sergio Marchionne Wednesday, added that "technically" not equity must increase the U.S. based automaker.
Ask whether an initial public offering was possible in the fourth quarter of 2011, Marchionne told reporters in New York, that the time of the IPO in concert with other stakeholders in Chrysler would be decided. Marchionne is also CEO of Italian automaker Fiat SpA.
"There is no rush, it done, but we will do what suits whatever the interests of the members," Marchionne said. "Chrysler technically must increase not equity." "Once we have the debt refinancing in the village are fine we."
Marchionne was in New York with bankers and others meet as it stands, to help $6 billion in a term loans and bonds, Government repay high-interest loans to increase.
The meeting took place in a conference room on the third floor of the Hilton Hotel. Outside of Chrysler displayed three cars: the Chrysler 300 sedan, the subcompact Fiat 500 and the Jeep Grand Cherokee.
More with $7.5 billion in loans in 2009 to help it reduce the U.S. and Canadian Governments Chrysler.
The Treasury was also Fiat management control of Chrysler and a 20-percent stake. In 2011, it was after a meeting with requirements by the Government, Fiat stake increased to 30 percent.
Chrysler launched 16 new and updated passenger cars and trucks in 2010, and this week reported its first net profit since the bailout. At the end of March Chrysler had 9.9 billion $ in cash.
Chrysler has said that he would like to complete the refinancing by end of June, with nearly $1.3 billion in cash by Fiat.
The refinancing of Chrysler set on a firmer financial foundation and consumer confidence in the brand, with the help, paving the way for an initial public offering strengthen.
"If you're going to do the initial public offering, I had always the view, which you should show up with a nonsupportive balance sheet not," Marchionne said.
"You must realize the capital markets the value of what we have done, and give you the IPO cycle," he said. "So hopefully we should have to end may different discussions."
Marchionne said Chrysler still hope $3.5 billion in loans from the US Department of energy, expands heavy truck, conversion to help seal meet higher fuel economy standards.
Chrysler initially was that the DOE Government repay loans could be used loans to free up cash.
In January, moved General Motors co its call, DOE loans, say that it had vehicles-saving the financial strength to finance investments in fuel.
"GM technically could claim for funding." They said they need not the DOE money and that's fine. It said its decision, "Marchionne.""I am not in the box."
Last week, Marchionne told reporters in Detroit that the DOE would allow loans Chrysler to "Step change" to help transform its line-up.
Copyright 2011 Thomson Reuters.
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