Chrysler receives initial loan
Updated on 03 January 2009
Chrysler's chief said the car-maker has received an initial four billion dollar loan from the US Treasury Department.
Chief executive Bob Nardelli said in a release that the Michigan-based company's talks with the federal government about the bridge loan have been completed.
Nardelli said the initial loan will allow Chrysler to continue its restructuring and pursue "our vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again".
Chrysler is nearing the minimum level of cash - 2.5 billion dollars - it needs to operate and is fending off parts suppliers and other vendors demanding cash payments on delivery.
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