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Chrysler says last hurdle is cleared for loan props

  • By WITH ANALYSIS FROM MONITOR CORRESPONDENTS AROUND THE WORLD
  • EDITED BY HILARY DEVRIES

| Detroit

The Chrysler Corporation announced day it reached agreement on a debt restructuring plan with a group of holdout banks, apparently clearing the last obstacle to obtaining $400 million in lifesaving federal loan guarantees. The compromise agreement has been approved by the federal Chrysler Loan Guarantee Board as well as by the bankers, a Chrysler spokesman said. The board, chaired by Treasury Secretary Donald Reg an, is scheduled to give final approval Friday.

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