Chrysler will begin to repay Government Loans that it received a few years ago.
According to a source from the Associated Press, Chrysler will repay the money borrowed from the government. “A person briefed on the matter” announced today that the company will repay the government loans they received in the bailouts a few years ago. The loan carried interest rates of 12% per year. After months of refinancing and researching solutions, the loans can now be paid off.
The company’s refinancing allows them to repay $5 billion to the US government and $1.6 billion to the Canadian government. Ridding themselves from the impressive amount of debt begins a new chapter for the company and a fresh start for executives. Consumer popularity is also likely to increase since previous loyal consumers resented the bailout. With everything now paid in full, Chrysler can continue to make progress and add models to their award winning fleet.
Read more: http://www.chryslerinthenews.com/chrysler-no-longer-dependent-on-government-loans/
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