DETROIT: What better New Year's gift than a $4 billion (€2.87bn; £2.74bn) loan bailout by the US taxpayer, announced Friday by a relieved Chrysler and its controlling shareholder, the private equity group Cerberus Capital Management.
Read a statement from Chrysler ceo Bob Nardelli: "This initial loan will allow the company to continue an orderly restructuring", an utterance which roughly translates as 'There is a God!'
Reading between the lines, it also appears that the automaker's money-lending arm Chrysler Financial is in line for some kind of fiscal philanthropy from the US Treasury
Chrysler joins the list of successful mendicants who have won alms from the US taxpayer. In addition to the begetters of the current crisis – the US banking system – General Motors is also on the receiving end of a $4bn handout, granted on December 31.
As a condition of the loans, both automakers are required to submit restructuring plans by mid-February and substantiate the plans' viability by the end of March.
Data sourced from CNNMoney.com; additional content by WARC staff