Two days after General Motors got its first installment of cash from the Treasury Department, Chrysler also closed on its loan. On Friday, Chrysler received a transfer of $4 billion to help tide it over while management tries to find a way to right the ship. CEO Bob Nardelli acknowledged the complex arrangements that had to be made with privately owned Chrysler. It's not known at this point exactly what arrangements were made as far as collateral and what the government would get from Cerberus in the event of a default by Chrysler. No doubt the comments will be heated on the Chrysler Blog.
[Source: Chrysler]
Statement Re Federal Assistance Received
Auburn Hills, Mich., Jan 2, 2009 - Chrysler Chairman and CEO Bob Nardelli said on behalf of the leadership team, that he was pleased to report that the Company's discussions with the Treasury Department have been completed, and that today, Chrysler received an initial $4 billion loan to help bridge the current financial crisis.
"We recognize the magnitude of the effort by the Treasury Department to complete the multiple financial arrangements and appreciate their confidence in Chrysler. We would like to thank the many constituents whoworked with us to meet the loan requirements. 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 tobuy, will enjoy driving and will want to buy again."
[Source: Chrysler]
Statement Re Federal Assistance Received
Auburn Hills, Mich., Jan 2, 2009 - Chrysler Chairman and CEO Bob Nardelli said on behalf of the leadership team, that he was pleased to report that the Company's discussions with the Treasury Department have been completed, and that today, Chrysler received an initial $4 billion loan to help bridge the current financial crisis.
"We recognize the magnitude of the effort by the Treasury Department to complete the multiple financial arrangements and appreciate their confidence in Chrysler. We would like to thank the many constituents whoworked with us to meet the loan requirements. 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 tobuy, will enjoy driving and will want to buy again."
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