Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Video: Milan is starting point for Syrian refugees’ European odyssey

Read more

WEB NEWS

Russian aid convoy: Mission accomplished?

Read more

WEB NEWS

Actor Orlando Jones lauches 'Bullet Bucket Challenge'

Read more

IN THE PAPERS

'Macron Economics'

Read more

BUSINESS DAILY

Macron-economics, the former banker turned minister

Read more

IN THE PAPERS

'The capital of sex, drugs, alcohol, trash and trashy tourism'

Read more

MEDIAWATCH

French government crisis: 'Krankreich' not Frankreich

Read more

DEBATE

Hollande's Last Chance: Can Weakened President Reform Without Left Flank? (part 2)

Read more

DEBATE

Hollande's Last Chance: Can Weakened President Reform Without Left Flank?

Read more

  • Video: Milan is starting point for Syrian refugees’ European odyssey

    Read more

  • France’s Hollande puts young ex-banker in top economy post

    Read more

  • Video: Iraq’s Yazidis flee to spiritual capital of Lalish

    Read more

  • Airstrikes and Assad - Obama’s military conundrum in Syria

    Read more

  • IMF’s Lagarde put under formal investigation in French corruption case

    Read more

  • American journalist held captive in Syria arrives in US

    Read more

  • In pictures: France’s new ministers

    Read more

  • 'Lasting' ceasefire agreed for Gaza, Abbas says

    Read more

  • Far-right ‘Russian Jihad’ fighters cross into Ukraine

    Read more

  • American 'Islamic State fighter' killed in Syria

    Read more

  • The ‘war’ at the heart of France’s ruling party

    Read more

  • Burger King to buy Canada's Tim Hortons for $11 billion

    Read more

  • Rebels 'shoot down' UN helicopter in South Sudan

    Read more

  • Air France pilots threaten September strike

    Read more

  • WHO seeks stricter regulation for e-cigarettes

    Read more

  • World’s ’most expensive’ apartment to go on sale in Monaco

    Read more

Business

US Treasury pumps extra $757 million into Chrysler

Latest update : 2009-05-27

The US Treasury has provided an extra 757 millions dollars to Chrysler as part of efforts to give the ailing carmaker a fresh start in partnership with Italy's Fiat. On Tuesday, a US court rejected a move to block Chrysler's bankruptcy filing.

AFP - The US Treasury said late Tuesday it had provided another 757 million dollars to troubled US automaker Chrysler, which has filed for bankruptcy.
   
The payment, dated May 20th, was made public in the latest transactions report on the use of the 700-billion-dollar Troubled Asset Relief Program (TARP), a financial stability plan voted by Congress in October.
   

As part of its efforts to revamp the US auto industry, the government has provided a total of 8.58 billion dollars between January and May to Chrysler Holding, before its bankruptcy filing on April 30, and to Chrysler, after the bankruptcy filing.
   
The Treasury also loaned 1.5 billion dollars in January to Chrysler Financial Services, the automaker's lending arm.
   
Chrysler cleared one hurdle to its fast-track bankruptcy plan Tuesday as a judge rejected an effort to derail the process.
   
US District Judge Thomas Griesa refused to take the matter away from the bankruptcy court, dismissing a challenge from Indiana's state treasurer who had argued that the Chrysler plan violates investor and creditor rights.
   
The ruling in a New York federal court means a hearing will proceed Wednesday before a bankruptcy court judge overseeing the Chrysler case, clearing the way for a quick sale of Chrysler's main assets to a new entity as early as Friday.
   
Any delay would have been a major setback for Chrysler and the administration of President Barack Obama, which aims for a rapid bankruptcy exit to allow Chrysler to get a fresh start in partnership with Italy's Fiat, and helped by emergency government loans.
 

Date created : 2009-05-27

COMMENT(S)