VOA慢速英语2009-Economics Report - Chrysler, General Motors Work

This is the VOA Special English Economics Report.

The race to save two of America's big three carmakers is entering a new and intense period.

In March, the government ordered Chrysler to cut costs and form an alliance with Italian carmaker Fiat¹ by April thirtieth. The actions were conditions for additional government aid of up to six billion dollars. The company received four billion in federal loans in December.
　
U.A.W. members meeting Wednesday in Kenosha, Wisconsin to discuss proposed contract terms

On Wednesday, Chrysler members of the United Auto² Workers approved cost cutting measures. Under the plan, Chrysler will be able to change terms of an agreement with the labor³ union. In return, the U.A.W. would own fifty-five percent of the company.

The Treasury⁴ Department has also been pressing Chrysler's creditors⁵. The government wants forty-six creditors to accept two billion dollars instead of the seven billion dollars the company owes. Four big banks have agreed. They hold seventy percent of Chrysler's debt. But other creditors have refused the terms.

The government has also been urging Chrysler to join with Fiat. On Thursday, President Obama announced that the companies have agreed to become partners. He said the government will make additional loans to support the partnership⁶. All government loans are to be repaid before Fiat could take majority ownership of Chrysler in the future.

Mister Obama also said Chrysler will seek bankruptcy⁷ protection in court. Bankruptcy laws will protect the company from legal action while it continues operations and reorganizes its finances. The President said the government will provide about eight billion dollars in additional loans to the company during this period.

No one knows if all this will work. But if the plan succeeds, it could serve as a model for America's biggest carmaker, General Motors. G.M. has until June first to offer a plan to the government if it is to receive new government loans. This week, the company proposed cutting twenty-one thousand more factory jobs. It will also sell fewer kinds of vehicles.

Like Chrysler, G.M. is attempting to reduce its debt. The carmaker plans to do this by offering company stock in exchange for twenty-seven billion dollars in G.M. bonds. It also wants to make the government a majority shareholder⁸ in return for part of the emergency loans it has received.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

1 fiat   

n.命令，法令，批准；vt.批准，颁布

参考例句：

• The opening of a market stall is governed by municipal fiat.开设市场摊位受市政法令管制。
• He has tried to impose solutions to the country's problems by fiat.他试图下令强行解决该国的问题。

2 auto   

n.(=automobile)(口语)汽车

参考例句：

• Don't park your auto here.别把你的汽车停在这儿。
• The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。

3 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

4 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

5 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

6 partnership   

n.合作关系，伙伴关系

参考例句：

• The company has gone into partnership with Swiss Bank Corporation.这家公司已经和瑞士银行公司建立合作关系。
• Martin has taken him into general partnership in his company.马丁已让他成为公司的普通合伙人。

7 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

8 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。