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Chrysler repays its debts

Auto giant Chrysler has turned its fortunes around and repaid its debts ahead of schedule.

Chrysler logoThe US-based vehicle-maker owed some $6.7bn in loans and $1.8bn in interest to the US and Canadian governments.  Six years ahead of schedule, the company has repaid the debts taken in 2009 to support the Chrysler when it was on the verge of collapse.

A strategic alliance with Italian group Fiat, along with the government loans, helped save the organisation, which also stated that 16 new or face-lifted vehicles are now in Chrysler dealerships around the world since the turnaround began.

A clearly delighted Chrysler CEO, Sergio Marchionne, said: “The loans gave us a rare second chance to demonstrate what the people of this Company can deliver and we owe a debt of gratitude to those whose intervention allowed Chrysler Group to re-establish itself as a strong and viable carmaker."

He continued: "Paying back the loans, along with the financial community’s investment in our refinancing packages, marks another step in the Company returning as a competitive force in the global automotive industry.”

Tags: automotive industry, Chrysler, Corporate News, N America

Published 8th June, 2011

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