Chrysler Pays Back U.S. and Canadian Loans

May 24, 2011

Chrysler has announced the repayment of $7.6 billion in government loans that we told you about last week. On Tuesday, Chrysler reported a $5.9 billion payment to the United States Treasury and a $1.7 billion payment to Export Development Canada. The payments were sufficient to cover the outstanding loan balances and any outstanding interest. A ceremony will be held later this afternoon to formally announce the repayment, and will feature Chrysler’s chief executive, Sergio Marchionne, flanked by Ron Bloom and Briane Deese, members of the automotive task force assembled by the Obama administration.

In advance of the ceremony, Marchionne had this to say to The New York Times: “The loans gave us a rare second chance to demonstrate what the people of this company can deliver. We owe a debt of gratitude to those whose intervention allowed Chrysler Group to re-establish itself as a strong and viable carmaker.”

What they no longer owe, however, is $5.9 billion to the United States and $1.7 billion to Canada.

 

[New York Times]

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