Former executives of Chrysler LLC have been told that they have to either return or buy back their company cars as part of the requirements of the company's bankruptcy proceedings.

Former execs were told in a letter that they are going to have to relinquish the perk.

News agency Dow Jones quoted the letter saying: "In light of the many contributions you have made to Chrysler over the years, we regret the need to take this difficult action. However, it is essential that the company comply with the requirements of bankruptcy law so we can soon emerge as a strong, viable entity.

The report said that no executive will be spared losing their company ride.

The executives have until the end of may to either return the vehicles or buy them at "fair market value."