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Chrysler given $4bn US government loan

Posted By admin On January 3, 2009 @ 5:24 am In Money Watch | Comments Disabled

Reuters [1]
Saturday, Jan 3, 2008

Chrysler has received an initial $4 billion emergency loan from the US government, two days after the government completed a parallel payout to its larger rival General Motors Corp.

“This initial loan will allow the company to continue an orderly restructuring,” Chrysler Chief Executive Bob Nardelli said in a statement.

US Treasury Department spokeswoman Brookly McLaughlin confirmed that the government had sent the $4 billion in funds to Chrysler yesterday.

(ARTICLE CONTINUES BELOW)

Chrysler given $4bn US government loan 121208banner3 [2]

General Motors Corp received $4 billion in emergency loans on Wednesday. Both Chrysler and GM have said they need the infusion of government cash to meet payouts to suppliers at a time when a plunge in auto sales has drained their cash holdings.

Officials have not spelled out why the loan to GM and a separate $6 billion funding for its affiliated finance firm GMAC were completed ahead of the Chrysler transaction.

Full article here [1]


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URLs in this post:

[1] Reuters: http://www.independent.co.uk/news/world/africa/chrysler-given-4bn-us-government-loan-1223339.html

[2] Image: http://www.efoodsdirect.com/products.html

[3] Canada, Ontario to Give GM, Chrysler C$4 Billion Aid: http://www.prisonplanet.com/canada-ontario-to-give-gm-chrysler-c4-billion-aid.html

[4] GM and Chrysler to Receive Up to $17.4 Billion in Loans: http://www.prisonplanet.com/gm-and-chrysler-to-receive-up-to-174-billion-in-loans.html

[5] The US Government Will Make A Record $51 Billion Off Student Loan Debt This Year: http://www.prisonplanet.com/the-us-government-will-make-a-record-51-billion-off-student-loan-debt-this-year.html

[6] Audit slams Treasury over plan to cut GM, Chrysler dealers: http://www.prisonplanet.com/audit-slams-treasury-over-plan-to-cut-gm-chrysler-dealers.html

[7] U.S. Taxpayers Lose $1.3 Billion in Chrysler Bailout: http://www.prisonplanet.com/u-s-taxpayers-lose-1-3-billion-in-chrysler-bailout.html

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