Tags: Chrysler | Government Loans

Chrysler Repays $7.6B in Government Loans

Tuesday, 24 May 2011 01:05 PM

 

DETROIT — Chrysler has eliminated most of its bailout IOU by paying off $7.6 billion in loans to the U.S. and Canadian governments.

The company repaid the money on Tuesday and plans to celebrate with government officials at a factory near Detroit.

Chrysler took $10.5 billion from the U.S. government to survive two years ago. It repaid some of the money last year and on Tuesday paid off a $5.9 billion balance. It also paid $1.7 billion to the governments of Canada and Ontario province. About $2 billion of the government aid remains unpaid.

The company is able to make the repayment after selling bonds and taking out lower-interest bank loans last week.

The U.S. government still owns 8.6 percent of Chrysler, which it got in exchange for the bailout.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Robert Gates: US Has Unrealistic Goals on ISIS, Russia

Sunday, 01 Feb 2015 12:54 PM

Though the United States and its allies have made steps to control the Islamic State (ISIS), they are not winning the ba . . .

Illegals Could Wait Until 2019 to Have Cases Resolved

Sunday, 01 Feb 2015 11:13 AM

Thousands of immigrants seeking legalization through the U.S. court system have had their hearings canceled and are bein . . .

Christie Visits U.K. While Mulling Decision Whether to Run in 2016

Sunday, 01 Feb 2015 12:44 PM

With the 2016 presidential contest looming back home, New Jersey Governor Chris Christie is visiting the U.K. this week  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved