ROME -- Fiat's ties with partner General Motors must be worked out as soon as possible, Rainer Masera, chairman of Fiat shareholder and creditor bank Sanpaolo IMI said on Thursday.
"We are in a negotiating phase. The relationship must be worked out pretty soon," Masera told reporters.
Earlier this month top Fiat managers met with the company's leading four creditor banks to update them on discussions with GM, which owns 20 percent of Fiat Auto.
Fiat has a "put" option to sell its 80-percent stake in the carmaker to GM from next year and top managers from the groups have been locked in talks for weeks, reportedly on scrapping or delaying the put in return for an immediate cash injection to fund a turnaround at Fiat Auto.