New owner Cerberus is looking serious about turning around Chrysler, after announcing its $7.4bn purchase of an 80.1% stake from DaimlerChrysler on Monday.
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The new management will be able to draw on credit lines totalling $17bn after raising the biggest financing package for a private equity deal, according to the Financial Times.
The ‘pink paper’ reported that a group of five banks has committed more than $60bn in financing for the US private equity firm.
About $50bn of that will be needed to refinance assets that will constitute Chrysler’s financial services arm, Chrysler Finance, a newly-created shell company, but $12bn will be available as an undrawn credit line for the operating business of Chrysler alongside the $5bn Cerberus has pledged to put on the carmaker’s balance sheet, the Financial Times said.
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