MILAN (Reuters) - Italian carmaker Fiat said on Monday that its access to finances of its U.S. unit Chrysler, of which it took control last month, was restricted by a cap on dividend distributions and debt covenants.
"Among the most significant is a CAP (CAP.CHL)(CAP.CHL)on dividend distributions, other than distributions in respect of taxes, governed by a builder-basket equal to 50 percent of accumulated net income from January 1, 2012, in addition to a one-time basket of $500 million," FIAT (F.IT)said in a statement.
The group also said intercompany financing was not limited other than by covenants which require that deals be approved by a majority of "disinterested" members of the Chrysler board of directors.
(Reporting by Agnieszka Flak)
