Chrysler
This investment resulted in a loss to taxpayers. See below for details.
| $10.7B Disbursed |
| $7.26B Returned |
| $2.18B Revenue to Gov't |
| $1.32B Net Outstanding |
| $12.8B Committed |
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Chrysler's first loans came in mid-December of 2008, when Treasury Secretary Hank Paulson stepped in to rescue GM and Chrysler.
On April 30, 2009, Chrysler filed for Chapter 11 bankruptcy protection. As part of the restructuring of the company, the Treasury Department agreed to lend Chrysler up to $8 billion more and take an eight percent stake in the company. Chrysler finalized its alliance with Fiat and emerged from bankruptcy protection on June 10, 2009.
Treasury will not recover its remaining outstanding investment in Chrysler.
You can see the full tally of the auto industry bailout here.
Events
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$9.3M Revenue
Apr. 30, 2012 Proceeds from sale of collateral
More info from www.treasury.gov -
$560M Revenue
Jul. 21, 2011 Disposition
In June 2009, Treasury provided a $6.6 billion loan commitment to Chrysler Group LLC (as of March 31, 2011, $2.1 billion remained undrawn), and received a 9.9 percent equity ownership in Chrysler Group LLC (Chrysler). In January and April 2011, Chrysler met the first and second of three performance related milestones. As a result, Fiat’s ownership automatically increased from 20% to 30%, and Treasury’s ownership was reduced to 8.6%. On May 24, 2011, Fiat, through the exercise of an equity call option, purchased an incremental 16% fully diluted ownership interest in Chrysler for $1.268 billion, reducing Treasury’s ownership to 6.6% (or 6.0% on a fully diluted basis). On July 21, 2011, Fiat, through the exercise of an equity call option, purchased Treasury’s ownership interest for $500 million. In addition, Fiat paid $60 million to Treasury for its rights under an agreement with the UAW retirement trust pertaining to the trust's shares in Chrysler.
More info from www.treasury.gov -
$76.5M Revenue
May 24, 2011 Interest
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$100M Revenue
May 24, 2011 Repayment - Zero Coupon Note
More info from www.treasury.gov -
$401M Revenue
May 24, 2011 Investment Income
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$288M Revenue
May 24, 2011 Repayment - Additional Note
More info from www.treasury.gov -
$5.08B Payback
May 24, 2011 Partial Repayment
Treasury repaid its outstanding TARP loans. Treasury continues to hold a 6.6 percent common equity stake in Chrysler.
More info from www.treasury.gov -
$127M Revenue
Mar. 31, 2011 Interest
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$130M Revenue
Dec. 31, 2010 Interest
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$7.84M Revenue
Dec. 29, 2010 Proceeds from sale of collateral
More info from www.financialstability.gov -
$129M Revenue
Sep. 30, 2010 Interest
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$9.67M Revenue
Sep. 9, 2010 Proceeds from sale of collateral
More info from financialstability.gov -
$127M Revenue
Jun. 30, 2010 Dividends payment
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$1.9B Payback
May 14, 2010 Partial Repayment
This was in repayment of a $4 billion loan made Jan. 2, 2009.
More info from treas.gov -
$30.6M Revenue
May 10, 2010 Proceeds from sale of collateral
More info from www.financialstability.gov -
$125M Revenue
Mar. 30, 2010 Interest
More info from www.treasury.gov -
Oct. 22, 2009 TARP Chief for Exec Compensation Releases Findings
The Special Master for TARP Executive Compensation releases determinations on the compensation packages for the top 25 most highly paid executives at the companies that received "exceptional" assistance -- i.e. those that were bailed out in the strictest sense of the word: AIG, Bank of America, Citigroup, Chrysler, Chrysler Financial, General Motors, and GMAC.
More info from www.financialstability.gov -
$55.2M Revenue
Jul. 15, 2009 Total Interest Paid Thru 7-09
More info from www.financialstability.gov -
$280M Payback
Jul. 10, 2009 Principal repayment
Repaid loan that was used to back warranties for Chrysler cars as the company went through restructuring.
More info from financialstability.gov -
Jun. 10, 2009 Chrysler Finalizes Deal with Fiat, Begins Operations as New Company
The new Chrysler announces that it has finalized its alliance with Fiat, and that the new company will begin operations immediately. On June 29, seven Chrysler plants resumed production. Most manufacturing operations had been idle since early May.
More info from www.chryslergroupllc.com -
$6.64B Bailout
May 27, 2009 Debt Obligation w/ Additional Note, Equity Interest
A new loan made to Chrysler, or rather the New Chrysler, which has the legal name New CarCo Acquisition LLC. As of August, Chrysler had only drawn $4.58 billion.
More info from cop.senate.gov$4.58B has actually been disbursed.Aug. 18, 2009: $4.58BAs of August 18, this was how much Chrysler had used of this loan.
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$1.89B Bailout
May 1, 2009 Debt Obligation w/ Additional Note
This loan, originally $3 billion, was to support Chrysler as it went through Chapter 11 bankruptcy.
More info from www.treasury.gov -
Apr. 30, 2009 Chrysler Files for Bankruptcy Protection
Chrysler files for bankruptcy protection, and as part of the restructuring, the Treasury Department agrees to loan Chrysler up to $8 billion more. The Treasury will get an eight percent stake in the company.
More info from www.financialstability.gov -
$280M Bailout
Apr. 29, 2009 Debt Obligation w/ Additional Note
This loan will be used to back warranties for Chrysler cars as the company goes through restructuring.
More info from www.financialstability.gov -
$4B Bailout
Jan. 2, 2009 Debt Obligation w/ Additional Note Debt Obligation w/ Additional Note
More info from www.treas.gov -
Dec. 19, 2008 Auto Bailout Announced
The Treasury announces that it will make loans to General Motors and Chrysler to prevent bankruptcy. (More about the auto bailout here.)
More info from www.nytimes.com
| Date | Type | Amount | Program | Description |
|---|---|---|---|---|
| 04/30/2012 | Proceeds | $9,302,185 | AIFP | Proceeds from sale of collateral |
| 07/21/2011 | Proceeds | $560,000,000 | AIFP | Disposition |
| 05/24/2011 | Proceeds | $100,000,000 | AIFP | Repayment - Zero Coupon Note |
| 05/24/2011 | Proceeds | $288,000,000 | AIFP | Repayment - Additional Note |
| 05/24/2011 | Refund | $5,076,460,000 | AIFP | Partial Repayment |
| 05/24/2011 | Dividend | $401,022,059 | AIFP | Investment Income |
| 05/24/2011 | Interest | $76,532,249 | AIFP | Interest |
| 03/31/2011 | Interest | $127,132,574 | AIFP | Interest |
| 12/31/2010 | Interest | $129,527,207 | AIFP | Interest |
| 12/29/2010 | Proceeds | $7,844,409 | AIFP | Proceeds from sale of collateral |
| 09/30/2010 | Interest | $129,096,673 | AIFP | Interest |
| 09/09/2010 | Proceeds | $9,666,784 | AIFP | Proceeds from sale of collateral |
| 06/30/2010 | Interest | $127,267,594 | AIFP | Dividends payment |
| 05/14/2010 | Refund | $1,900,000,000 | AIFP | Partial Repayment |
| 05/10/2010 | Proceeds | $30,554,523 | AIFP | Proceeds from sale of collateral |
| 03/30/2010 | Interest | $125,447,874 | AIFP | Interest |
| 07/15/2009 | Interest | $55,237,713 | AIFP | Total Interest Paid Thru 7-09 |
| 07/10/2009 | Refund | $280,130,642 | AIFP | Principal repayment |
| 05/27/2009 | Loan | $6,642,000,000 | AIFP | Debt Obligation w/ Additional Note, Equity Interest |
| 05/01/2009 | Loan | $1,888,153,580 | AIFP | Debt Obligation w/ Additional Note |
| 04/29/2009 | Loan | $280,130,642 | AIFP | Debt Obligation w/ Additional Note |
| 01/02/2009 | Purchase | $4,000,000,000 | AIFP | Debt Obligation w/ Additional Note Debt Obligation w/ Additional Note |
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