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Chrysler set to pay back federal loans today

Chrysler is set to pay back its federal loans in full today.
Ricardo Giaviti
/
Flickr
Chrysler is set to pay back its federal loans in full 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:

Zoe Clark is Michigan Public's Associate General Manager and Political Director. In these roles, Clark guides coverage of the state Capitol, elections, and policy debates. She hosts the weekly show It's Just Politics. As Associate General Manager, she helps to guide Michigan Public’s strategic direction, content vision, and cross-platform integration.
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