Quentin Willson motoring column: Italian jobless battle by Fiat

0 Comments | Sunday Mirror, Jan 5, 2003 | by Quentin Willson

ITALIAN auto giant Fiat has until this March to reduce its debt mountain or be taken over by banks, which are owed pounds 4billion. Boardroom battles, dull products, lousy build quality and massive losses have conspired to reduce one of Italy's largest employers to a smoking ruin. Only General Motors, which own a 20 per cent stake, can save Fiat from the bailiffs.

GM paid $2.4billion for its shareholding, which is now worth just $220million.