Chrysler receives $4 billion loan

The U.S. Treasury sent $4 billion to Chrysler today. The transfer was confirmed by department spokeswoman Brookly McLaughlin.

Commenting on the transfer, Chrysler CEO Bob Nardelli said, ““We recognize the magnitude of the effort by the Treasury Department to complete the multiple financial arrangements and appreciate their confidence in Chrysler. We would like to thank the many constituents who worked with us to meet the loan requirements. This initial loan will allow the Company to continue an orderly restructuring, while pursuing 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.”

General Motors received its first installment on Wednesday under the loan program approved by the Bush Administration. There was no comment from either the Treasury or Chrysler as to why both loans were not funded at the same time.