CEO Sergio Marchionne of Fiat ? the company Chrysler is seeking too team up with ? has said that the Italian automaker may bail on an agreement to take a large stake in Chrysler unless the UAW makes further concessions. Chrysler has 15 days to work out a deal before the U.S. government stops lending the the firm money, meaning the auto giant could be forced to liquidate. Chrysler employs 54,000 workers, as well as affects thousands of other workers in their supply chain. Uncertainly over the potential Fiat deal is of great concern to these employees, who face unemployment or severe reductions in compensation. The UAW, which has already made unprecedented concessions over the past few weeks, has indicated it will not be the only party to take a hit ? implying that Chrysler's creditors must make concessions as well.
See "Fiat CEO: Labor concessions or no Chrysler deal", Tom Krisher and Colleen Barry, April 15, 2009