Cerberus boss John Snow has told reporters that there are no plans to sell the recently purchased Chrysler Group and that the troubled US auto industry is due for a turnaround soon. Snow also revealed that management were pleased with Chrysler CEO Tom LaSorda's recovery plan, which is expected to see positive profit levels return by 2009.

In charge of managing its acquisitions are 150 corporate managers, including former Volkswagen exec Wolfgang Bernhard, who has been assigned to look after Chrysler, reports the Associated Press.

Cerberus will pay up to $6.1 billion dollars for Chrysler and its financing division and an additional $1.4 billion to previous owner Daimler, and according to Snow, there are no immediate plans to make it a private company once again.