US Treasury finalises $4b loan to Chrysler
The US Treasury said Friday it has finalized a 4-billion-dollar loan to troubled cash-strapped carmaker Chrysler.
"Treasury today finalized the loan transaction for Chrysler car company and funded the full amount of 4 billion dollars," Brookly McLaughlin, a Treasury spokeswoman, said in a statement.
Chrysler Chairman and CEO Bob Nardelli said the loan would help the company "bridge the current financial crisis."
"This initial loan will allow the Company to continue an orderly restructuring, while pursuing our vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again," he added in a statement.
The loan is part of a 13.4-billion-dollar rescue package the US government approved in December for General Motors and Chrysler to stave off collapse amid tight credit and dismal sales.
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