Monday, July 23, 2007

August report may be the last for Chrysler

July 21, 2007 - FREEP NEWS

A second-quarter earnings report scheduled for Aug. 29 could be the last detailed financial report released for the Chrysler Group as DaimlerChrysler AG works to complete a sale of the Auburn Hills unit.

Cerberus Capital Management LP, a private-equity firm, reached an agreement in May to buy 80.1% of the Chrysler Group. Once finalized, the deal will take Chrysler out of the hands of public shareholders.

As a private company, Chrysler would not be obligated to provide quarterly earnings reports, said Chrysler Group spokeswoman Shawn Morgan. The company is still trying to determine whether it will make public some financial results, even if not required, Morgan said.

Chrysler Group executives said last month they plan to continue providing monthly vehicle sales results. All major automakers in the United States provide a monthly count of their sales.

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