Chrysler get's 4 billion , DOW jumps back over 9000Submitted by sentinel on Fri, 01/02/2009 - 23:08
The closely held automobile maker said in a statement that negotiations with the U.S. Treasury Department were completed Friday, resulting in a loan that "will allow the company to continue an orderly restructuring."
"We recognize the magnitude of the effort by the Treasury Department to complete the multiple financial arrangements and appreciate their confidence in Chrysler," Chrysler Chief Executive Bob Nardelli said in a statement.
Chrysler and General Motors Corp. (GM:General Motors Corporation
GM 3.65, +0.45, +14.1%) had both appealed to the government for a bailout after seeing their sales plummet amid the economic downturn and rising fuel prices.