Posted: Apr 28, 2011 7:40 PM by Michael Marsh
Updated: Apr 28, 2011 7:40 PM
Source: Associated Press
Chrysler says it will soon repay $7.5 billion in bailout money from the U.S. and Canadian governments, a sign the company is recovering from its near collapse two years ago. The company says it will get new bank loans and money from a new bond sale to retire the debt owed to the governments. It would also help Chrysler by saving millions in interest payments and bolster its case for a public stock offering later this year. The company has come a long way from 2009 when it filed for bankruptcy protection and its survival was in doubt. It slashed costs and is seeing stronger sales for its new vehicles. Jeep sales are especially strong. The company hasn't turned a profit since its bankruptcy filing.