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FCA Italy Seeks EUR 6.3 Bln Italian State-backed Loan

Responding to press speculation, FCA Italy S.p.A. confirmed that it is in talks with the Italian government to obtain a state guarantee on a 6.3 billion euros loan facility.

The company said it has initiated discussions with Intesa Sanpaolo, Italy's largest banking group, in relation to a 3-year credit facility dedicated exclusively to financing FCA's activities in Italy.

The company added that the request is intended to provide further support to about 10,000 small and medium enterprises in the automotive supply chain in Italy following the reopening of the Company's Italian plants beginning at the end of April.

Earlier this month, Fiat Chrysler Automobiles reported a first quarter net loss from continuing operations of 1.69 billion euros, compared to profit of 508 million euros prior year, reflecting an impact of the coronavirus pandemic.

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