New York - US automaker Chrysler for the second time failed to sell loans meant to finance its sale Cerberus Capital Management, the Wall Street Journal reported Wednesday. Loans valued at 4 billion dollars were to be sold this week and attempts to sell them have been delayed until an unannounced date, the newspaper said citing sources familiar with the deal.
Investors have shown a lack of interest in the loans amid a credit crunch brought on by defaults on sub-prime home mortgages, making it more difficult for companies to obtain financing through the sale of loans.
In September, banks agreed to take on 10 billion dollars of loans from Chrysler after buyers could not be found for them, and Chrysler and Cerberus said they would take on 2 billion dollars of loans.
But the company was still trying to sell several billion dollars of the loans.
