Debtholders holding out for more money

DETROIT — A Michigan congressman says a group of Chrysler debtholders has made a counteroffer to the government as negotiations continue to slash the struggling automaker’s debt without bankruptcy protection.

DETROIT — A Michigan congressman says a group of Chrysler debtholders has made a counteroffer to the government as negotiations continue to slash the struggling automaker’s debt without bankruptcy protection.

Representative Gary Peters would not reveal the terms of the counteroffer but says he’s frustrated with debtholders who are holding out for more money.

Three people briefed on the negotiations say Italian automaker Fiat will sign a partnership agreement with Chrysler by Thursday.

That’s the last piece of Chrysler’s plan to meet the government’s Thursday restructuring deadline.

But it is unclear whether Chrysler will have to file for bankruptcy protection.

The people say that hinges on whether the group of hedge funds agree to forgive most of what they’re owed.

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