Chrysler repays $1.7 billion in government loans: Flaherty
By Nelson Daily Staff
Talk about getting your money back.
The Minister of Finance said Chrysler Group LLC has repaid $1.7 billion in outstanding Canadian government loans following the completion of new refinancing transactions.
In 2009, during the depths of the global economic downturn, the Government of Canada and the Government of Ontario provided $1.7 billion in loans payable to Chrysler Canada Inc. through Export Development Canada (EDC), said minister Jim Flaherty.
The federal government provided two-thirds of the loans, while the Ontario government contributed one-third.
On May 24, Chrysler Canada Inc. repaid its outstanding government loans, in addition to interest and other considerations. The outstanding loans have now been repaid in full, more than six years ahead of schedule.
Flaherty said approximately 52,000 Canadian jobs were protected by government action to support the automotive industry.
