The Chrysler bailout is over.
The U.S. Treasury announced Thursday that it received $560 million in proceeds after completing an expected deal to sell its remaining stake in Chrysler to Fiat, an Italian company which now owns more than 53 percent of the Auburn Hills-based automaker.
"With today's closing, the US government has exited its investment in Chrysler at least six years earlier than expected," Tim Massad, assistant secretary for financial stability, said in a released statement.
The Treasury spent a total of $12.5 billion helping Chrysler survive and has recouped more than $11.2 billion of that investment. Officials say the government is "unlikely to fully recover" the additional $1.3 billion, but reiterated that their top priority was saving jobs.
"This is a major accomplishment and further evidence of the success of the Administration's actions to assist the US auto industry, which helped save a million jobs during the worst economic crisis since the Great Depression," said Massad.
