Chrysler's Big News: We Repaid Bailout Loan
Announcement coming tomorrow at Michigan plant
By Kevin Spak,  Newser Staff
Posted May 23, 2011 12:54 PM CDT
In this Feb. 28, 2011, the Chrysler logo is displayed on a new 2011 Chrysler Sebring at a dealership in Burlingame, Calif.   (AP Photo/Paul Sakuma, file)
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(Newser) – Chrysler will announce with some fanfare tomorrow the repayment of $7.5 billion in bailout loans from the US and Canadian governments. CEO Sergio Machionne will announce the milestone tomorrow alongside White House manufacturing adviser Ron Bloom at Chrysler’s Sterling Heights, Michigan, plant, the Wall Street Journal reports. Chrysler is repaying the government loans, which carry double-digit interest rates, with cheaper loans and bonds from private banks. The US and Canada will, however, remain minority shareholders in the company.