Chrysler and Italian automaker Fiat will create a "global alliance," underwritten in part by the U.S. Treasury, Chrysler's CEO said Monday.

"We are pleased that Chrysler, Fiat and Cerberus have reached agreement on a global alliance, supported by the U.S.," Chrysler CEO Robert Nardelli said Monday in a statement. "We have been impressed by their speed, diligence, good faith and strong grasp of the difficult issues our industry faces in this financial crisis."

The Obama administration has said it is willing to provide Chrysler up to $6 billion in bridge loans if it successfully engineers a deal with the Italian automaker Fiat. The companies have 30 days to craft a plan that would demonstrate that viability.

"We are encouraged by the commitments of the Administration, U.S. Treasury and President