Chrysler receives $4-billion bridge loan from Treasury
Associated Press
Chrysler’s chief says the automaker has received an initial $4-billion loan from the Treasury Department.
Chief Executive Robert Nardelli said Friday that the Auburn Hills, Mich.-based company’s talks with the federal government about the bridge loan had been completed.
Nardelli said the initial loan would allow Chrysler to continue its restructuring and pursue “our vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again.”
Chrysler is nearing the minimum level of cash -- $2.5 billion -- it needs to operate. The automaker is fending off parts suppliers and other vendors demanding cash payments on delivery.
