Chrysler
Auburn Hills,
Mich. |
See all recipients in
Michigan
$10.7B
Disbursed
$7.26B
Returned
$2.28B
Revenue to Gov't
$1.21B
Net Outstanding
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.
This investment resulted in a loss to taxpayers.
| Date | Type | Amount | Program | Description |
|---|---|---|---|---|
| 02/26/2016 | Proceeds | $2,000,000 | AIFP |
Proceeds from sale of collateral
|
| 09/29/2015 | Proceeds | $6,341,426 | AIFP |
Proceeds from sale of collateral revenue
|
| 09/21/2015 | Proceeds | $93,871,306 | AIFP |
Proceeds from sale of collateral
|
| 04/30/2012 | Proceeds | $9,302,185 | AIFP |
Proceeds from sale of collateral
|
| 07/21/2011 | Proceeds | $560,000,000 | AIFP |
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, Fiatâs ownership automatically increased from 20% to 30%, and Treasuryâs 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 Treasuryâs 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 Treasuryâs 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.
|
| 05/24/2011 | Proceeds | $288,000,000 | AIFP |
Repayment - Additional Note
|
| 05/24/2011 | Dividend | $401,022,059 | AIFP |
Investment Income
|
| 05/24/2011 | Refund | $5,076,460,000 | AIFP |
Partial Repayment
Treasury repaid its outstanding TARP loans. Treasury continues to hold a 6.6 percent common equity stake in Chrysler.
|
| 05/24/2011 | Interest | $76,532,249 | AIFP |
Interest
|
| 05/24/2011 | Proceeds | $100,000,000 | AIFP |
Repayment - Zero Coupon Note
|
| 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
This was in repayment of a $4 billion loan made Jan. 2, 2009.
|
| 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
Repaid loan that was used to back warranties for Chrysler cars as the company went through restructuring.
|
| 05/27/2009 | Loan | $6,642,000,000 | AIFP |
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.
So far,
$4.58B
has actually been disbursed:
|
| 05/01/2009 | Loan | $1,888,153,580 | AIFP |
Debt Obligation w/ Additional Note
This loan, originally $3 billion, was to support Chrysler as it went through Chapter 11 bankruptcy.
|
| 04/29/2009 | Loan | $280,130,642 | AIFP |
Debt Obligation w/ Additional Note
This loan will be used to back warranties for Chrysler cars as the company goes through restructuring.
|
| 01/02/2009 | Purchase | $4,000,000,000 | AIFP |
Debt Obligation w/ Additional Note Debt Obligation w/ Additional Note
|