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Chrysler makes short work of debt

Chrysler, declared bankrupt in 2009, has repaid its US and Canadian government loans ahead of schedule and its alliance with Fiat has boosted its range of new models.

Chrysler Group’s refinancing has been completed and the loans totaling $6.7-billion (about R45.6-billion), plus $1.8-billion (R12.2-billion)  interest have been repaid.

The group continues to have more than $10-billion in liquidity despite the debt settlements.

'WE'VE MADE GOOD'

In addition to this, in the US, the company’s alliance with Fiat had led to 16 new or refreshed vehicles in dealerships.

Sergio Marchionne, the group's chief executive officer, said: “Less than two years ago we made a commitment to repay the US and Canadian taxpayers in full and today we made good on that promise.

“Everyone in the extended Chrysler group family has worked tirelessly to deliver on our promises and to win back public trust in the company and its products," Marchionne said. "There is more work to be done as we remain focused on fulfilling the goals outlined in our 2010-2014 business plan.”
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