Washington – Chrysler Group LLC said Tuesday that it has completed repayment of $7.6 billion in loans from the U.S. and Canadian governments.
Washington, Ottawa and the Ontario provincial government extended the loans in 2009 to save Chrysler from liquidation.
The bulk of the rescue package, $5.9 billion, came from the U.S. government, which still holds a 6.6. percent stake in the Michigan-based automaker.
Shortly before the official announcement, the former Democratic governors of Michigan, Jennifer Granholm; and Ohio, Ted Strickland, said during a conference call with reporters that the loans granted to Chrysler and General Motors were what made it possible for the U.S. automobile sector to recover.
"What do they have to say now?" Granholm asked, recalling that the sector has added 55,000 jobs since the 2009 crisis, when Chrysler and GM declared bankruptcy for a month in order to proceed with their restructuring with the aid of government money.
Strickland, whose state also depends to a great extent on the automobile sector, added his criticism of Republican leaders who opposed the loans.
Both Granholm, Strickland and United Auto Workers President Bob King thanked President Barack Obama for the decision to provide billions of dollars in loans to GM and Chrysler.