Following a sharp increase in Fiat Group net debt as revealed during the publication of its fourth quarter and full year financial reports ten days ago it is being reported that the Italian carmaker is very close to securing a new 3 billion euro credit line. The unexpected 5.9 billion euro net debt, with 3.3 billion euros that is reaching maturity, together with the global economic slowdown that has affected new vehicles sales, has forced Fiat Group to obtain a new credit line to see it through this tough period for all car manufacturers.

Fiat Group CEO Sergio Marchionne alluded to this new credit line in a conference call following the announcements of the full year results, but didn't specify an amount he was hoping to raise, and this weekend Italian news agency Ansa quoted Enrico Salza, the chairman of the management board at the Intesa Sanpaolo, Italy's largest bank, said during a conference that a new credit line, worth round 3 billion euros, was "almost ready and only the technical details are being worked out." However later on Reuters reported that Salza 'had corrected his earlier statement, saying there had been a "misunderstanding" since the actual amount was still being discussed'. Salza added though that Intesa Sanpaolo were working with Fiat "in supporting industrial projects aimed at the relaunching of the group".