Chrysler Repays Government Loans

The Hill reports:

One of the Detroit car companies bailed out in 2008 by the U.S. said Tuesday it had repaid $6.7 billion in loans to the federal government and Canada, plus interest.

Chrysler said it was paying both the initial money the government put up in the controversial auto bailouts, as well as $1.8 billion in interest, six years ahead of schedule. The company borrowed $5.1 billion from U.S. government and $1.6 billion from Canada.

"Less than two years ago, we made a commitment to repay the U.S. and Canadian taxpayers in full and today we made good on that promise," Chrysler CEO Sergio Marchionne said in a statement. "The loans gave us a rare second chance to demonstrate what the people of this company can deliver and we owe a debt of gratitude to those whose intervention allowed Chrysler Group to re-establish itself as a strong and viable carmaker."