Judge OKs Use Of $4.96 Billion In Financing

By: Associated Press
By: Associated Press

New York (AP) -- A bankruptcy judge says Chrysler can use $4.96 billion in government loans for bankruptcy protection financing.

The financing is intended to keep the company running for the short term and create a bridge to the sale of Chrysler's most valuable assets to Italy's Fiat Group Spa.

U.S. Judge Arthur Gonzalez had given interim approval to the use of $4.1 billion in financing earlier this month.

But the automaker will now also receive $600 million to cover GMAC financial services losses related to Chrysler loans and $260 million related to Canadian government financing.

Gonzalez also says the Auburn, Mich.-based automaker can pay its dealers and essential suppliers for prebankruptcy obligations.

(Copyright 2009 by the Associated Press. All rights reserved.)


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:
TheNewsCenter One Television Plaza Parkersburg, WV. 26101 304-485-4588
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 45524562 - thenewscenter.tv/a?a=45524562
Gray Television, Inc.