Home > Auto > News > Fiat Chrysler close to green light for $7.1 billion state-backed loan
FILE PHOTO: Fiat logo (Representational Image) (REUTERS)
FILE PHOTO: Fiat logo (Representational Image) (REUTERS)

Fiat Chrysler close to green light for $7.1 billion state-backed loan

  • FCA's Italian division has tapped Rome's Covid-19 emergency financing scheme to secure a state-backed, three-year facility to support the group's operations in the country as well as Italy's car sector, in which about 10,000 businesses operate.

Fiat Chrysler (FCA) is very close to obtaining the necessary authorisations to receive a 6.3 billion euros ($7.1 billion) state-backed loan from Intesa Sanpaolo, an executive at the bank said on Tuesday.

FCA's Italian division has tapped Rome's Covid-19 emergency financing scheme to secure a state-backed, three-year facility to support the group's operations in the country as well as Italy's car sector, in which about 10,000 businesses operate.

(Also Read: Fiat Chrysler, PSA should revise merger terms, says investor)

"We are waiting for the green light from the Economy Ministry, after that, from the audit court," Mauro Micillo, head of Intesa's corporate and investment banking unit said during a presentation. "They (the authorisations) could arrive in the coming hours."

(Also Read: Jeep recalls 95,000 Cherokees worldwide for transmission problems)

Intesa Sanpaolo, Italy's biggest retail bank, has already authorised the loan pending the approval of guarantees the government will provide on 80% of the sum through export credit agency SACE.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Close