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Fiat Chrysler establishes new credit line of about $3.8 billion

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The logos of automobile companies (LtoR) Abarth, Lancia, Fiat, Alfa Romeo and Jeep are pictured at the entrance to the Fiat Chrysler Automobiles (FCA) at the Fiat Mirafiori car plant on May 27, 2019 in Turin, northern Italy.

Marco Bertorello | AFP | Getty Images

Fiat Chrysler has set up a $3.84 billion emergency credit facility as it attempts to manage through the coronavirus pandemic that has forced it to shutter many of its operations globally.

The Italian-American automaker said Thursday the funds will be available for “general corporate purposes and for working capital needs.”

The credit facility, with two unnamed banks, is structured as a bridge facility, or short-term loan. Funds can…



Source cnbc.com

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