Chrysler to Repay $7.5 Billion in Bailout Loans
Chrysler to Repay $7.5 Billion in Bailout
Loans
Chrysler announced on Tuesday it is paying back $7.5 billion in high-interest bailout loans which it required to stay afloat at the height of the financial crisis. The payments will include a $5.8 billion payment to the U.S. government and another $1.7 billion to Canada. The amount will bring the U.S. government's stake in the carmaker down to about $2 billion. Chrysler, which is now controlled by Italian automaker Fiat, took out new loans last week to help it make the payments, saying that the move will help save the company about $300 million a year in interest payments.
Chrysler is currently paying between 7 and 14 percent interest on the U.S. loans, and 20 percent on its loans from Canada. Earlier this month, Chrysler posted its first quarterly profit since 2006. With Ford and General Motors also posting profits for the quarter, it was the first fiscal period since 2004 that each of Detroit's Big 3 automakers posted a profit.
Chrysler announced on Tuesday it is paying back $7.5 billion in high-interest bailout loans which it required to stay afloat at the height of the financial crisis. The payments will include a $5.8 billion payment to the U.S. government and another $1.7 billion to Canada. The amount will bring the U.S. government's stake in the carmaker down to about $2 billion. Chrysler, which is now controlled by Italian automaker Fiat, took out new loans last week to help it make the payments, saying that the move will help save the company about $300 million a year in interest payments.
Chrysler is currently paying between 7 and 14 percent interest on the U.S. loans, and 20 percent on its loans from Canada. Earlier this month, Chrysler posted its first quarterly profit since 2006. With Ford and General Motors also posting profits for the quarter, it was the first fiscal period since 2004 that each of Detroit's Big 3 automakers posted a profit.
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