Chrysler gets its $4B lifeline
Embattled automaker says the government loan will help with restructuring efforts.
NEW YORK (Reuters) -- Chrysler LLC said Friday it has received an initial $4 billion emergency loan from the U.S. government.
"This initial loan will allow the company to continue an orderly restructuring," Chrysler Chief Executive Bob Nardelli said in a statement.
Controlling shareholder Cerberus Capital Management LP told Chrysler that talks continue between the U.S. Treasury Department and Chrysler Financial about a loan, and a closing is expected in due course, Chrysler added.
General Motors Corp (GM, Fortune 500) received $4 billion in emergency loans on Dec. 31. Both Chrysler and GM have said they need the government cash to meet payouts to suppliers at a time when a plunge in auto sales has drained their cash holdings.
Under terms of the government bailout, Chrysler and GM will have to submit restructuring plans by mid-February and demonstrate that they are viable by the end of March. 
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