Chrysler set to repay $7.5 bln U.S., Canada loans |
| Reuters - May 24, 2011 |
Chrysler Group LLC was set on Tuesday to repay $7.5 billion in U.S. and Canadian government loans from its 2009 federal bailout, a move that will allow the U.S. automaker to distance itself from an unpopular bailout and deepen its ties with Italian automaker Fiat SpA (FIA.MI).
Under the original terms, Chrysler had until 2017 to repay the debt.
Sergio Marchionne, the chief executive of Fiat and Chrysler, is scheduled to appear at a Chrysler assembly plant in Sterling heights, Michigan, Tuesday afternoon to express thank to the governments for their financial support. Also at the event will be Ron Bloom, the Obama administration's point man on auto restructuring, and General Holiefield, head of the United Auto Workers union's Chrysler department.
Marchionne noted on Monday that Chrysler's repayment of its bailout loans was even faster than that engineered by Lee Iacocca, who led the U.S. automaker through a government bailout in the late 1970s and ran the company through 1992.
Read Full Article from Reuters
- Posted: 2011-05-24 10:13:49
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