Ontario Writes off Remainder of Chrysler Debt [Canadian Business Journal (Canada)]
FIAT CHRYSLER AUTO NV (FCAU)
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Source: Canadian Business Journal
Ontario Writes off Remainder of Chrysler Debt, The Canadian Business Journal CBJ — The Province of Ontario has written off $445 million as non-collectable debt from a former division of Chrysler, following the 2009 bailout of the automaker. The province had originally provided a $1 billion loan. The federal and provincial governments loaned billions to Chrysler to rescue the company and save thousands of jobs during the recession, much like they did to save General Motors. Ottawa wrote off $2.6 billion last year that it wouldn’t collect from Chrysler, and now the Ontario government is following suit, recognizing there is virtually no hope of ever recovering the money. Through one of his staff members, Ontario Minister Rod Phillips said that once the federal government threw in the towel there was virtually no hope of the province receiving its money either. Since all of that happened the former company has restructured into what is now Fiat Chrysler, which claims it repaid all loans
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