Chrysler's Big News: We Repaid Bailout Loan

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Posted: May 23, 2011 1:57 AM
Chrysler's Big News: We Repaid Bailout Loan
(Newser) - Chrysler will announce with some fanfare tomorrow the repayment of $7.5 billion in bailout loans from the US and Canadian governments. CEO Sergio Machionne will announce the milestone tomorrow alongside White House manufacturing adviser Ron Bloom at Chrysler’s Sterling Heights, Michigan, plant, the Wall Street Journal reports. Chrysler is repaying the government loans, which carry double-digit interest rates, with cheaper loans and bonds from private banks. The US and Canada will, however, remain minority shareholders in the company.