It's a city in crisis – but with potential for a big comeback. Despite an ailing auto industry and the highest jobless rate in the nation, Detroiters are determined to make their hometown thrive once again. For the next year, CNNMoney will focus on that challenge.

Chrysler offers buyout to 23,000 workers

Latest move to pare workforce comes just before automaker reveals 5-year recovery plan.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

How strong is any economic recovery in your area?
  • Very strong
  • Small signs of a rebound
  • No recovery here

NEW YORK (CNNMoney.com) -- Days before unveiling its latest recovery plan, Chrysler Group has extended a buyout program to 23,000 U.S. workers in an effort to further trim its workforce.

In a statement, Chrysler said workers have until Nov. 13 to accept the proposal, and that the company would determine who qualifies for it depending on operational needs. The company said termination dates would be at its discretion.

The automaker said special programs were being offered at facilities that are being forced to close as a result of the bankruptcy process that occurred earlier this year. The deadline for accepting those programs depends on the facility, Chrysler said.

Chrysler emerged from Chapter 11 bankruptcy protection in June, saying it would close some of its U.S. plants as part of the reorganization. Its ownership is a group that includes the Italian automaker Fiat, the U.S. government, the United Auto Workers union's retiree trust and the Canadian and Ontario governments.

On Wednesday, Chrysler will reveal its plans for the next five years, which are expected to include more collaboration with Fiat on cars similar to those sold by the Italian company in Europe.

-- CNN's Jesse Solomon contributed to this story To top of page

Going solo in the Motor City Dude driving Car
"That's what I need, help to start. I need someone to take me like a little baby and teach me." -JoAnne Wright
Raising a family in Detroit
For the Reids, the city of Detroit remains a good place to raise a family, despite being one of the cities hardest hit by the recession.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

© 2009 Cable News Network. A Time Warner Company. All rights Reserved. Terms under which this service is provided to you. Privacy Policy