Ottawa, May 24, 2011

Archived - Minister Flaherty Congratulates Chrysler for the Repayment of Its Outstanding Loans

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Today, following the news of Chrysler’s recapitalization plan, the Honourable Jim Flaherty, Minister of Finance, issued the following statement:

“The Government of Canada welcomes today’s announcement by Chrysler, which includes the repayment of the outstanding restructuring loans to the company funded by Canada and Ontario. This marks an important step forward in Chrysler’s recovery and underscores the continued strengthening of the North American auto industry.

“The auto industry is the largest industry within our manufacturing sector and employs hundreds of thousands of Canadians directly and indirectly. Assembly plants and parts companies have driven growth and prosperity across Canada, and they contribute to the development of related manufacturing throughout the country.

“The financial assistance provided by the Governments of Canada and Ontario to support the restructuring of Chrysler in the midst of the global recession was crucial in protecting jobs in Canada and positioning the auto industry for long-term competitiveness. 

“We remain committed to exiting from ownership of Chrysler as quickly as feasible, while maximizing the value of our equity interests for Canadian taxpayers.”

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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