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Chrysler repays Treasury Dept. for auto bailout loan

By Reuters
Tuesday, May 24, 2011 13:30 EDT
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WASHINGTON (Reuters) – The Treasury department said on Tuesday that automaker Chrysler Group LLC has repaid $5.1 billion in bailout loans and ended its ability to draw a remaining $2.1 billion.

The government committed a total $12.5 billion to Chrysler under the Troubled Asset Relief Program, or TARP, and the company has now returned more than $10.6 billion of that in principal, interest and canceled commitments.

“Treasury is unlikely to fully recover its remaining outstanding investment of $1.9 billion in Chrysler,” the department said in a news release.

(Reporting by Glenn Somerville, Editing by Chizu Nomiyama)

Source: Reuters US Online Report Business News

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