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The request raises the stakes for Detroit with Congress, as General Motors Corp. said it would need $4 billion before the end of the year. Both say that without such loans, they will fall below the minimum levels of cash needed to keep their businesses running.
In its filing, Chrysler says it would begin paying back the loan by 2012, and that its turnaround plan would make it viable. It also says it is paying Chairman and Chief Executive Bob Nardelli $1 a year.
"Chrysler believes that participating in the restoration of the company's long-term viability without a bankruptcy filing significantly improves the outcome for all constituents," the company said.
Partnerships, alliances or a consolidation are a "fundamental element" of the company's plan, it said.
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