Durbin throws weight behind Chrysler loan guarantees
Ill. Sen. Dick Durbin sent a letter to the U.S. Department of Energy today in support of Chrysler Group LLC’s application for funds to help retool and expand its plant in Belvidere.
On Sept. 23, the Detroit News talked to a Matt Rogers, a senior Energy Department advisor, who said the loans remain on track.
The Energy Department had $25 billion to administer through an Advanced Technology Vehicle Manufacturing program and as of late September still had $16.7 billion in unused loans to hand out, according to the Detroit News story.
Chrysler is seeking $8.55 billion in retooling loans. Chrysler, which is now has the United Auto Workers as its majority owner but actually is run by Italian automaker Fiat SpA, is expanding or retooling several plants including spending $300 million on two plants in Kokomo, Ind., $450 million on an engine plant in Kenosha, Wis., $550 million on a plant in Mexico where the Fiat 500 will be built for North America and $27 million on a plant in Ontario, Canada.
General Motors is seeking $14.4 billion in loans.