DETROIT - Chrysler LLC said on Tuesday it requested another $5 billion in U.S. government aid, saying it expected the current brutal downturn in the U.S. market to run another three years.
Chrysler said concessions from its stakeholders -- United Auto Workers, dealers, suppliers and second lien lenders -- were implemented or fundamentally agreed upon.
In its restructuring blueprint, the No. 3 U.S. automaker also said it planned to cut its outstanding debt by $5 billion and reduce fixed costs by $700 million in 2009.
Chrysler, held and run by Cerberus Capital Management
The automaker has seen its U.S. sales fall 55 percent in January after declining 30 percent in all of 2008.
(Reporting by Poornima Gupta, editing by Matthew Lewis)