Podcasts & RSS Feeds
Most Active Stories
- This ballot proposal is critical to Michigan's economy, but most people won't bother to vote on it
- What explains Michigan's large Arab American community?
- Some think their immigrant ancestors were the last that should be allowed in the U.S.
- Michigan Republican Party's tactics remind me of Watergate, because both were unnecessary
- Signed a petition to oppose Asian carp? You actually signed a petition to allow wolf hunting
Tue May 24, 2011
Chrysler set to pay back federal loans today
Chrysler will pay back its federal loans in full today. Michigan Radio's Tracy Samilton reports:
It's another milestone in the company's long struggle to recover from bankruptcy. Chrysler will wire-transfer nearly $6 billion to the U.S. Treasury and $1.5 billion to the governments of Canada and Ontario. Chrysler used some cash from Fiat for the transaction - and refinanced the rest with loans from private banks and investors.
The move will save Chrysler $300 million a year in interest and is one more step towards independence from the government.
The U.S. Treasury still holds about eight and a half percent of Chrysler stock. Fiat could end up buying that stock in the future. As of today, Fiat owns forty-six percent of Chrysler.
The news is making headlines this morning:
- The Detroit News: Chrysler CEO to turn page on 'painful chapter'
- The Detroit Free Press: Chrysler to pay off government loans today
- The Wall Street Journal: Chrysler sets payback
- Mlive.com: White House officials coming to Metro Detroit with Chrysler expected to repay loans Tuesday