Home / Auto News / News article: Chrysler Announces Details of Government Loan Payback - AutoGuide.com News
 |  May 20 2011, 7:35 AM

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.