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June 21, 1980 - Image 13

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Michigan Daily, 1980-06-21

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The Michigan Daily-Saturday, June 21, 1980--Page 13
PACT REACHED WITH LAST HOLDOUT
Chrysler negotiates bank loan

DETROIT (UPI) - Chrysler Corp. reported
reaching "agreement in principle" yesterday with
the last bank standing between the struggling
automaker and the federally backed loans it needs to
hold off bankruptcy.
Earlier in the day, Chrysler said the last American
bank that had been refusing to go along with the
federal aid packhge agreed to participate in the
restructuring plan.
THE AGREEMENT BY the last holdouts apparen-
tly assures that Chrysler will get the first installment
of its federally guaranteed loans, probably next
week.
For weeks, executives at the nation's No. 3
automaker, along with bankers and federal officials,
have been applying pressure on a handful of banks
that have money due from Chrysler.
In order for the automaker to get up to $1.5 billion in
federally backed loans over the next few years, some
400 banks and insurance companies had to agree not

to demand that Chrysler immediately pay $4.4 billion
it owes them.
EARLIER THIS WEEK, 18 banks were still holding
out, demanding Chrysler come clean on its past
obligations. Some said they believed Chrysler would
go broke despite the federal rescue effort.
Four hard-line banks approved the aid plan Thur-
sday and the last American bank still standing in the
way, Twin City Bank of North Little Rock, Ark., fell
into line after a meeting yesterday, Chrysler said.
A few hours later, Chrysler spokesmen said the last
holdout, the DG Bank of Frankfurt, West Germany,
apparently had come around as well.
"We have been in constant discussion with all par-
ties involved and we believe an agreement in prin-
ciple has been reached with the DG Bank," said a
Chrysler statement. "All parties have been ex-
tremely helpful in assisting in the resolution of this
situation."

When asked whether the German bank had agreed
formally to the rescue plan, a company source who
asked not to be identified said, "They have commit-
ted to the agreement and we consider all the banks
are in."
Chrysler Chairman Lee Iacocca issued a statement
expressing "my personal appreciation to all of our
lenders around the world who have unanimously
agreed to our financial restructuring program.
Chrysler officials have said if they don't get at
least $500 million in loans by next week, their firm
faces bankruptcy because it won't be able to pay its
19,000 suppliers.
Because of the holdouts, the Chrysler Loan
Guarantee Board, a special panel created by
.Congress to deal with the problem, rescheduled its
meeting to approve the $500 million-four times.
But Treasury Department officials said they are
confident the aid package can be wrapped up before
the next meeting, now scheduled for Tuesday.

DAILY CLASSIFIEDS Israeli troops seize
(Continued from Page 12) su p c "n e a o
HELP ANTEDsuspect in Lebanon
SUBLET-JULY/AUGUST. Gun room in hoooe
across from Kerrytown. Laundry facilities. B/O. TEL AVIV, Israel (AP) - In another reported excerpts of an inte
COMPUTER PEOPLE CalDyoe,5-22rarra,4-029. 73U21 attack on suspected Palestinian Egyptian President Anwar
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svstem~~~~ definare dan -omril tootii discuss

erview that
Sadat gave
irter. Sadat
with Israeli
em Begin
he gave no
the suspen-

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spokesman said yesterday.
The raid was carried out Wednesday
night, the spokesman said, and the
house was destroyed because the
Israelis discovered "sabotage
material" and suspected it was a
Palestinian arsenal. He did not say why
announcement of the raid was delayed.
THE ATTACK in the village of Kan-
tara marked another of the stepped-up
Israeli strikes in regions suspected of
providing cover for Palestinian
terrorists.
Kantara, four miles north of the
Israeli-Lebanese frontier, is in an area
patroled by a Nigerian contingent of
U.N. peacekeeping troops who say they
have frequently sighted Israeli patrols
there.
The Israeli spokesman said raiders
crossed into Lebanon close to Misgav
Am, an Israeli border community
where Arab terrorists killed three
Israelis during a failed try at capturing
hostages in April.
ACCORDING TO press reports
yesterday, Israel's chief delegate to the
Egyptian-Israeli peace talks, Interior
Minister Yosef Burg, received a letter
from Egyptian Foreign Minister Kamal
Hassan Ali reiterating Egypt's demand
for an end to the Israeli policy of set-
tling the lands on the West Bank of the
Jordan River that Israel captured in
1967.
Also yesterday, an Israeli newspaper

ded peace talks between their nations.
Delegates from Egypt and Israel plan
to visit Washington in early July to at-
tempt to renew the bargaining.
IN JERUSALEM, an Arab woman
accidentally wounded Thursday by an
Israeli policeman in Bethlehem was
reported in serious condition.
Taghreed Al-butmeh, 19, had gotten
off a bus in the West Bank to go to
school when a policeman fired a
machine gun mounted on a patrol jeep
and, military authorities said, pieces of
stone shattered by the bullets struck
her in the neck.
A spokeswoman at Hadassah
Hospital safd that Butmeh was tran-
sferred to intensive care when her neck
swelled and made it difficult for her to
breathe.
Michigan
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