“This initial loan will allow the company to continue an orderly restructuring, while pursuing our vision to build the fuel-efficient, high-quality cars and trucks people want to buy,” said Chairman and Chief Executive Robert Nardelli in a statement.
Undisclosed issues in Chrysler’s application process slowed the payout, which was slated to be made by the end of December. General Motors Corp. received a loan payment of $4 billion on Wednesday and is scheduled to receive more money during the next two months.
Chrysler has been hurt more than GM and Ford Motor Co. by the U.S. recession because it relies on North America for about 90% of its sales. Tight credit and a weak economy are keeping consumers away from showrooms.
Chrysler’s majority owner, Cerberus Capital Management LP, is interested in finding a partner for Chrysler.