Chrysler denies bankruptcy rumors

Reports began in Europe after automater exercised $2 billion credit line

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updated 3:58 p.m. ET June 26, 2008

AUBURN HILLS, Michigan - A Chrysler LLC spokeswoman says speculation the company plans to file for bankruptcy protection is not true.

The rumors were so prevalent Thursday that the company was forced to issue a statement.

Spokeswoman Shawn Morgan says the speculation is false and without merit. She says they do not reflect the privately owned company's financial situation.

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The rumors apparently originated in Europe and follow Tuesday's action by Chrysler to exercise a $2 billion line of credit from Cerberus Capital Management LP and Daimler AG.

Morgan says the Auburn Hills, Michigan-based automaker had to borrow the money before Aug. 3 under terms of Cerberus' purchase of an 80 percent stake in Chrysler from Daimler in August of 2007.