Chrysler to repay $400 million
Chrysler Chairman Lee lacocca had some startling news at his company's annual shareholders meeting in Detroit last week. "Just try to name a person, corporation or government that has paid off a note seven years ahead of schedule," said lacocca with a broad smile. But that is what Chrysler is about to do. Next month, announced lacocca, Chrysler will be forking over $400 million, or one-third of its federally guaranteed loans.
Washington backed $1.2 billion in loans from banks and other lenders to Chrysler in 1980 and 1981 to spare it from bankruptcy. The company dropped $3.48 billion...
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