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Chrysler loan sale could be postponed - WSJ

Even a partial purchase of $4B in loans connected to Cerberus Capital's purchase of the automaker looks unlikely, according to one report citing an unnamed source.

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November 20 2007: 3:51 AM EST

NEW YORK (CNNMoney.com) -- Demand for the sale of $4 billion in loans tied to Cerberus Capital's purchase of Chrysler has been weak and will likely be postponed, the Wall Street Journal reported Monday.

A small part of the loan sale could be made this week, the Journal said, quoting an unnamed source briefed on the matter, but a final decision isn't expected until Tuesday.

However, with the Thanksgiving holiday approaching, even a partial purchase this week is looking "increasingly unlikely," the Journal said.

Banks to offer $10B in Chrysler debt

Chrysler's underwriters include J.P. Morgan Chase (Charts, Fortune 500), Citigroup (Charts, Fortune 500), Goldman Sachs Group (Charts, Fortune 500), Morgan Stanley (Charts, Fortune 500) and Bear Stearns (Charts, Fortune 500).

$6 billion in loans related to Chrysler's finance arm were sold in July.

Cerberus' Chrysler buy was part of a shopping spree which included last year's purchase of GMAC, the finance arm of General Motors (Charts, Fortune 500), prior to the recent credit market downturn. To top of page

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