Since General Motors and Chrysler entered bankruptcy last spring, GM has stolen the lion's share of the headlines. The General has made front page news with new products, a government loan payback and first quarter profits, while Team Pentastar has quietly gone about the business of returning to respectability. Chrysler took another step towards its goal this week as the company paid back another $1.9 billion in government loans to the federal government. In total, Chrysler has paid back $3.9 billion of the $14.3 billion in loans the company received.
The U.S. Treasury Department said in a written statement that the repayment "is significantly more than the Treasury expected to recover on this loan, and is greater than an independent valuation of the loan." In other words, Treasury wasn't exactly expecting a cash return on its investment. Chrysler plans to unload further good news when it officially reports its earnings. The automaker said in April that it expected to earn up to $200 million on revenue of $40-45 billion.
[Source: Market Watch | Image: Bill Pugliano/Getty]
The U.S. Treasury Department said in a written statement that the repayment "is significantly more than the Treasury expected to recover on this loan, and is greater than an independent valuation of the loan." In other words, Treasury wasn't exactly expecting a cash return on its investment. Chrysler plans to unload further good news when it officially reports its earnings. The automaker said in April that it expected to earn up to $200 million on revenue of $40-45 billion.
[Source: Market Watch | Image: Bill Pugliano/Getty]
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