Speaking to reportes on Friday at Chrysler’s Brampton, Ontario plant, CEO Sergio Marchionne said that he attends to pay the U.S. and Canadian government loans that it received during its bankruptcy restructuring later this year.
“I’d like to pay them off in 2011, if I could,” said Marchionne, CEO of both Chrysler Group and Fiat SpA. “I remain committed to that objective.” Chrysler is paying over $1 billion in interest to the Canadian and U.S. taxpayers. This was not a free ride. It was the most expensive financing that could possibly be obtained. I think it was done on the right terms.”
Chrysler is targeting for an initial public offering during the second half of this year after emerging from bankruptcy under Fiat. Marchionne has previously said that before filing for an IPO, Fiat may increase its share in Chrysler from 20 to 50 percent. Chrysler owes the U.S. and Canadian governments about $7.46 billion.
At the Brampton plan on Friday, Marchionne celebrated the launch of production of the new 2011 Dodge Charger and Chrysler 300 sedans along with the 2011 Dodge Challenger.
– By: Zain Haq
Source: Automotive News