Chrysler Repays $7.6B in Government Loans

Tuesday, 24 May 2011 01:05 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

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 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
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

Bipartisan Support for Ebola Travel Ban Growing in House

Monday, 20 Oct 2014 21:17 PM

Although the director of the Centers for Disease Control and Prevention and several prominent Republicans in Congress ha . . .

Obama Disagrees With Ginsburg on Getting Replacement Confirmed

Monday, 20 Oct 2014 20:55 PM

President Barack Obama takes exception to Supreme Court Justice Ruth Bader Ginsburg's assessment of his political weakne . . .

Michele Bachmann Gets Security Detail After Threat From ISIS

Monday, 20 Oct 2014 20:47 PM

Rep. Michele Bachmann has been given a 24-hour security detail based on a threat from the Islamic State (ISIS), Politico . . .

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