Chuck
11-22-2009, 11:18 AM
http://www.cleanmpg.com/photos/data/2/AmericanFlag.jpg The company decided to settle its debt immediately in order to save an estimated $392 million in interest payments and to free itself from restrictions imposed by the Government's loan board. (http://www.time.com/time/magazine/article/0,9171,954013,00.html)
http://www.cleanmpg.com/photos/data/501/1979_Chrysler_bailout.jpgTIME (http://www.time.com) - Jul 25, 1983
Chrysler has had loans before and near-death experiences on at least three occasions --Ed.
Chrysler pays off it's loan.
Confidence. There was no scarcer commodity at Chrysler two years ago, when the company tottered at the edge of bankruptcy. But that quality was center stage last week when Chairman Lee Iacocca announced that the company is ready to repay its remaining $800 million in federally guaranteed loans. "This is our declaration of independence—financial independence," said Iacocca. The money is being paid off seven years before it is due. Only last month the automaker unexpectedly returned $400 million of the $1.2 billion it borrowed in 1980 and 1981.... http://www.time.com/time/magazine/article/0,9171,954013,00.html
http://www.cleanmpg.com/photos/data/501/1979_Chrysler_bailout.jpgTIME (http://www.time.com) - Jul 25, 1983
Chrysler has had loans before and near-death experiences on at least three occasions --Ed.
Chrysler pays off it's loan.
Confidence. There was no scarcer commodity at Chrysler two years ago, when the company tottered at the edge of bankruptcy. But that quality was center stage last week when Chairman Lee Iacocca announced that the company is ready to repay its remaining $800 million in federally guaranteed loans. "This is our declaration of independence—financial independence," said Iacocca. The money is being paid off seven years before it is due. Only last month the automaker unexpectedly returned $400 million of the $1.2 billion it borrowed in 1980 and 1981.... http://www.time.com/time/magazine/article/0,9171,954013,00.html