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Fiat seeks to secure funding for Chrysler purchase

AUBURN HILLS (WKZO) -- Italian automaker Fiat is reportedly in talks with various banks to raise an estimated ten-billion dollars to purchase the final shares of Chrysler Group LLC.

The report in "Bloomberg News" says Fiat is also looking to restructure the current debt of the two auto companies.  A 41.5 share of Chrysler is still owned by the United Auto Workers retiree health-care trust.

Chrysler and the union trust have been in court trying to come up with a value for the trust's shares.  Fiat officials have indicated they would like to complete the purchase of Chrysler by the end of the summer.