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05-24-2011, 01:57 PM #1
Chrysler Pays Back Loans From the U.S. and Canada
Chrysler Pays Back Loans From the U.S. and Canada
By BILL VLASIC
Published: May 24, 2011
DETROIT — Chrysler said Tuesday that it had paid back $7.6 billion in loans from the American and Canadian governments, marking another significant step in the revival of the company, the smallest of the Detroit automakers.
Chrysler said it made payments of $5.9 billion to the United States Treasury and $1.7 billion to Export Development Canada in a series of transactions completed Tuesday morning. The payments retired outstanding loans and covered interest on the debt.
Chrysler’s chief executive, Sergio Marchionne, planned to formally announce the move at a ceremony Tuesday afternoon at an assembly plant in Sterling Heights, Mich.
He was scheduled to be joined by Ron Bloom and Brian Deese, two members of the auto task force that was assembled by President Obama to shepherd Chrysler and General Motors through bankruptcy reorganization in 2009 with the aid of the United States taxpayers.
“The loans gave us a rare second chance to demonstrate what the people of this company can deliver,â€NO AMNESTY
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