Cerberus Capital Management LP and leaders of the Chrysler Group will try to convince the leaders of the automaker's workers that their $7.4 billion deal will give workers better job security, restore Chrysler's health and not 'strip and flip' the company by selling it off in pieces. Cerberus head Stephen Feinberg and Chrysler CEO Tom LaSorda were meeting Tuesday with U.S. and Canadian labor leaders, who have split on whether the pairing will benefit Chrysler's 80,000 workers. The meetings in Auburn Hills on Tuesday serve as precursors for talks that will begin this summer between the UAW and Detroit's automakers on a national contract.
See "Cerberus - Chrysler, Labor Leaders to Meet", Associated Press, The New York Times, May 14, 2007