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Chrysler says gets $4 billion US government loan
Published on Sat, Jan 03, 2009 at 15:30 in Auto section
Tags: Chrysler, General Motors Corporation , New York
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New York: Chrysler LLC said on Friday it has received an initial $4 billion emergency loan from the US government.
"This initial loan will allow the company to continue an orderly restructuring," Chrysler Chief Executive Bob Nardelli said in a statement.
But Chrysler later said its statement that talks continue between the US Treasury Department and Chrysler Financial about a loan should have been omitted.
Its earlier press release said a closing was expected in due course.
Two spokeswomen for the company could not immediately be reached by Reuters to clarify.
General Motors Corp received $4 billion in emergency loans on December 31.
Both Chrysler and GM have said they need the government cash to meet payouts to suppliers at a time when a plunge in auto sales has drained their cash holdings.
Under terms of the government bailout, Chrysler and GM will have to submit restructuring plans by mid-February and demonstrate that they are viable by the end of March.
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