The Wednesday 11am dealine between the United Auto Workers and Chrysler is soon to pass with no resolution finalized on the labor contract negotiations between the two parties. The strike of Chrysler workers is eminent, as UAW deals with the second strike in a month

Negotiators worked through the night at Chrysler's headquarters in Auburn Hills, Mich., according to the Associated Press, but several key issues remained unresolved.

The UAW recently completed similar negotiations with Chrysler's counterpart, General Motors, but not before workers walked off the job for two days.

If an agreement is not reached with Chrysler on Wednesday morning, 49,000 workers could leave their jobs at 24 U.S. plants, but negotiations could still be extended further.

Representatives of Chrysler and the UAW couldn't immediately be reached for comment.

Observers say Chrysler could easily weather a short strike because its inventory levels are too high and a work stoppage could help the company remedy that. A longer strike would be a threat to company's cash position.

Chrysler was recently sold by its former German parent company, Daimler, to private-equity giant Cerberus Capital Management. It's no longer traded publicly, but its negotiations with the UAW could have implications for the No. 2 U.S. automaker, Ford Motor Company.

Meanwhile, the UAW is expected to announce Wednesday that a majority of its GM workers voted to ratify its tentative agreement on a labor contract. The two parties agreed to set up a union-controlled health care trust fund, or VEBA. It also established a two-tier wage structure, allowing the company to pay new hires at a lower rate that is more comparable to its foreign-based competitors.

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