$500 Million OK'd to keep Chrysler going

A special government board Tuesday authorized an immediate $500 million loan to Chrysler Corporation as the first step to save the automaker from bankruptcy. The Chrysler Loan Guarantee Board announced that all conditions had been met for government-backed loans totalling $1.5 billion. The ceremony to authorize the first $500 million installment was held up for an hour and a half after a fierce fire in a New York skyscraper delayed verification of vital Chrysler documents kept in the building.

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