Chrysler Announces Details of Government Loan Payback
Two years after a government bailout and rescue by Italian automaker Fiat and Chrysler has announced detailed plans to repay its government loans.
A new $3 billion term loan, combined with $3.2 billion in bonds and a $1.3 billion hand out from Fiat will be used to pay off the $7.5 billion it borrowed from the U.S and Canadian governments to stay afloat during the recession.
The refinancing arrangement is expected to be completed on May 24th.
Under the control of Fiat, in just two short years Chrysler has introduced several all new models (including the 300, Jeep Grand Cherokee and Dodge Durango), while delivering significant updates on nearly every other product it offers.
With AutoGuide from its launch, Colum previously acted as Editor-in-Chief of Modified Luxury & Exotics magazine where he became a certifiable car snob driving supercars like the Koenigsegg CCX and racing down the autobahn in anything over 500 hp. He has won numerous automotive journalism awards including the Best Video Journalism Award in 2014 and 2015 from the Automotive Journalists Association of Canada (AJAC). Colum founded Geared Content Studios, VerticalScope's in-house branded content division and works to find ways to integrate brands organically into content.
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