91.7 Ann Arbor/Detroit 104.1 Grand Rapids 91.3 Port Huron 89.7 Lansing 91.1 Flint
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Report: Chrysler to repay loans

$3 million in interest per day.

That's how much Chrysler paid in interest on its government loans last year according to the Associated Press.

Those high interest rates, and the stigma of being financed by the government, are driving Chrysler to pay off the government loans.

Sources told the Associated Press a deal could be reached next Tuesday:

Chrysler is close to repaying its government bailouts. The company has lined up investors to help it refinance $7.5 billion in loans from the U.S. and Canadian governments, three people briefed on the matter said Wednesday. Under the deal, the company would take out $2.5 billion in bank loans and sell $3.5 billion worth of bonds to investors. Italy's Fiat, which has management control of Chrysler, would kick in $1.3 billion more to raise its stake in the U.S. carmaker.

To survive, the company originally received $10.5 billion from the U.S. government two years ago.

Mark Brush was the station's Digital Media Director. He succumbed to a year-long battle with glioblastoma, an aggressive brain cancer, in March 2018. He was 49 years old.
Related Content