Chrysler repays $1.9bn to Treasury from $4bn TARP loan

By Tahir Riaz, B2P
Published on Monday May 17, 2010 at 4:44 pm ET
Updated 06-20-10, 9:33 pm ET

The U.S. Treasury today confirmed late today Chrysler has completed a $1.9-billion payment to the Treasury as part of repayment to the government when it received emergency bailout loans.

The specific sum is in relation to a $4-billion TARP loan that the Treasury underwritten on January 2, 2009.

The current payment is below the face value of the loan, but the amount received by the Treasury was greater than expected.

The U.S. Treasury to date has given Chrysler just over $14-billion in total loan payments to ensure the auto giant survives the global economic downturn and the credit crunch.

Chrysler currently has no other outstanding obligations with the U.S. Treasury in relation to TARP funds.

Chrysler most recently reported a significant $197-million total loss in the first quarter of this year. That number compares to $2.7-billion in total losses in Q4 ’09.

The company is aiming to breakeven by the end of 2010.

The news comes today as the top U.S. automaker, General Motors, released earnings for the first quarter of 2010. The company reported a net profit of $865-million in the quarter, marking the first profit in many fiscal quarters.

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Tahir holds a Bachelor Commerce Finance degree from Ryerson University in Toronto. He is planning to purse an MBA in Finance. Write to [email protected]
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