The Detroit News reports Chrysler is walking away from the company's pursuit of low-interest Department of Energy loans. The automaker originally applied for an $8.55 billion loan when it was still under Cerberus Capital Management, though the figure had since shrunk to $3.5 billion. The DOE, meanwhile, said it was considering a much smaller $2 billion loan with additional restrictions than were previously negotiated. The loan period would also be significantly shorter.
Autoblog, Chrysler abandons plan seeking more federal loans
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