Chrysler To Repay $7.5 Billion In Bailout Money
In another sign of recovery for the American auto industry, "Chrysler said today it intends to pay off its $7.5 billion in government loans by selling new debt, an investment from Fiat and a new loan agreement with institutional investors," the Detroit Free Press reports.
As the newspaper reminds us, "Chrysler owes $5.8 billion to the U.S. Treasury and $1.7 billion to the Canadian governments as part of a 2009 restructuring that allowed it to emerge from Chapter 11 bankruptcy."
The Detroit News, which estimates the bailout to have been $7.4 billion (not $7.5 billion), says the automaker plans to pay off its debt by the end of June "as long as market and other conditions remain conducive."
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