Share this story
Close X
Switch to Desktop Site

US panel OKs $300 million in new Chrysler support

A special government board approved another $300 million in federal loan guarantees Thursday for the financially strapped Chrysler Corporation, upping the total of government- backed aid for the automaker to $800 million.

The vote by the loan board will enable Chrysler to offer $300 million worth of 10-year notes immediately. The notes, which would be paid off by the federal government should Chrysler go bankrupt, are expected to yield 11.4 percent interest, according to Treasury Department analysts.

About these ads

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.