Chrysler gets first $4 billion from government

Filed under: Chrysler, LLC., Earnings/Financials

Two days after General Motors got its first installment of cash from the Treasury Department, Chrysler also closed on its loan. On Friday, Chrysler received a transfer of $4 billion to help tide it over while management tries to find a way to right the ship. CEO Bob Nardelli acknowledged the complex arrangements that had to be made with privately owned Chrysler. It's not known at this point exactly what arrangements were made as far as collateral and what the government would get from Cerberus in the event of a default by Chrysler. No doubt the comments will be heated on the Chrysler Blog.

[Source: Chrysler]

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