Happy Friday to all, Big_Blocker here with some big news from Chrysler LLC to report. As many of you who follow the news already know, Chrysler will be shutting down all 30 of its manufacturing plants starting today for at least 30 days in an attempt to stave off bankruptcy. Hit the jump for more info.

This means that Christmas will be a little darker for the 46,000+ employees and their families as they will remain without work or pay for at least a month. Closures like this are not big news for automakers worldwide as even companies the likes of Honda and Toyota are cutting back production of vehicles at some plants and even shutting down production of vehicles all together at some facilities. One of Chrysler’s biggest competitors (and perhaps the best off of the Big Three), Ford Motor Company, has announced it will shut down several North American factories for the first week in January, longer if deemed necessary. GM on the other hand is putting off construction of new plants that were slated to be constructed as the new year dawns.

Despite this company-wide shutdown there is good news on the horizon for Chrysler. Today the company received word from US Treasury Secretary Henry Paulson that the company will soon be granted a 4 billion dollar inital loan in order to keep the company liquid and hold off creditors until the company can restructure. Conditions of the loan include working with several key constituents, including suppliers,  in order to reduce costs and return the company to profitablility that may be sustained for a long time to come. These cuts in cost are going to have to come from all areas of the company, including salaried workers, meaning increasing cooperation from the UAW. The so called ‘company fat’ will have to be trimmed in order to give way to lean new company that is not only able to produce fuel efficient vehicles, but also to remain competetive in the domestic/global market.

Look for more news coming as the story unfolds in the coming days and weeks. Big_Blocker out.