US panel OKs $300 million in new Chrysler support

A special government board approved another $300 million in federal loan guarantees Thursday for the financially strapped Chrysler Corporation, upping the total of government- backed aid for the automaker to $800 million.

The vote by the loan board will enable Chrysler to offer $300 million worth of 10-year notes immediately. The notes, which would be paid off by the federal government should Chrysler go bankrupt, are expected to yield 11.4 percent interest, according to Treasury Department analysts.

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