Chrysler receives $4 Billion bridge loan

Posted by LS

AUBURN HILLS, Mich. (AP) - Chrysler LLC's chief says the automaker has received an initial $4 billion loan from the U.S. Treasury Department.

Chief Executive Bob Nardelli said Friday night in a release that the Auburn Hills, Mich.-based company's talks with the federal government about the bridge loan have been completed.

Nardelli says the initial loan will allow Chrysler to continue its restructuring and pursue "our vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again."

Chrysler is nearing the minimum level of cash - $2.5 billion - it needs to operate and is fending off parts suppliers and other vendors demanding cash payments on delivery.

(Copyright 2009 by The Associated Press. All Rights Reserved.)