Chrysler Repays Governments ($7.6 B) as Fiat Boosts Stake

[jpak]

http://www.bloomberg.com/news/2011-05-24/chrysler-repays-u-s-canadian-loans-as-fiat-increases-ownership-to-46-.html

Chrysler Group LLC repaid $7.6 billion in U.S. and Canadian government loans, and Fiat SpA (F) increased its stake in the automaker as it plans an initial public offering.

The U.S. government was repaid $5.9 billion, and Export Development Canada, which holds the debt for Canada and the Ontario provincial government, received $1.7 billion, Auburn Hills, Michigan-based Chrysler said today in a filing. Repaying the loans allowed Fiat to boost its stake in Chrysler to 46 percent from 30 percent.

“Less than two years ago, we made a commitment to repay the U.S. and Canadian taxpayers in full, and today we made good on that promise,” Sergio Marchionne, chief executive of both automakers, said in a statement.

Chrysler retired the loans by issuing new debt and using money Turin, Italy-based Fiat paid to increase its stake. The repayment comes almost two years after Chrysler emerged from U.S. government-backed bankruptcy reorganization that gave control of the automaker to Fiat.

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[jpak]

1. How many American jobs were saved by this corporatist bailout? What did it cost the taxpayers?

:shrug:

[Initech]

2. We need to start going after the vulture capitalists.

All they do is find healthy companies to leech off of, take all their money, and leave us to fight for what's left.