Government Loans For Chrysler

Written By: admin on January 3, 2009 No Comment

On Friday, January 2, 2009, Chrysler LLC said it received a $4 billion “initial” government loans from the federal government to “help bridge the current financial crisis.” The closely-held automaker said in a statement that negotiations with the U.S. Treasury Department resulted in a loan that “will allow the company to continue an orderly restructuring.” Chrysler and General Motors Corp. had both appealed to the government for a bailout after seeing their sales plummet amid the economic downturn and rising fuel prices. The government approved $17.4 billion in government loans for domestic automakers last month.