June 24, 2020 / 8:43 AM / 10 days ago

Italy audit court OKs state guarantees for $7.1 bln bank loan for Fiat Chrysler - source

ROME, June 24 (Reuters) - Italy’s audit court has given its green light to a decree offering state guarantees for a 6.3-billion euro ($7.12 billion) loan for Fiat Chrysler’s Italian Unit, a source said, paving the way for the largest crisis loan to a European carmaker.

The court’s decision is the final step in what has been a lengthy and contested process for the loan.

The request for state support sparked controversy In Italy, as Fiat Chrysler (FCA) is registered in the Netherlands.

FCA has said it had asked for the loan to help its operations in Italy to weather the crisis triggered by the coronavirus emergency.

“The audit court authorized the decree,” said a source close to the matter asking not to be named because of the sensitivity of the matter.

$1 = 0.8853 euros Reporting by Giuseppe Fonte; editing by Agnieszka Flak

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