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SMALL BUSINESS
Judge OKs sale of most Chrysler assets to Fiat
AP
NEW YORK -A federal bankruptcy judge has approved the sale of most of Chrysler's assets to Fiat, clearing the way for the American automaker to exit court protection shortly.
Judge Arthur Gonzalez said in a court filing Sunday that he approved the sale, the major piece of a plan orchestrated by a federal auto task force.
The plan gives a 55 percent stake of the new company to a union-run trust for retirees, a 20 percent stake to Fiat that can ultimately grow to 35 percent and smaller stakes to the U.S. and Canadian governments.
Chrysler LLC was forced into court protection on April 30.
The sale to Fiat means Chrysler could be out of bankruptcy within the government's original timeframe of 30 to 60 days.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-06-01 06:36:08
COMMENTS ( 7 )
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I NEVER THOUGHT IT WOULD WORK AND IT DID NOT. BEFORE THAT DEAL CHRYSLER AND GM AND FORD SHOULD HAVE CLEANED UP THEIR MESS. BETTER QUALITY CARS. I WHEN LOOKING FOR A CAR TWO WEEKS AGO. CHECKED OUT INFINITY, HONDA AND A FEW MORE...EVEN WENT TO A GM DEALER....THAT GM SHOWROOM LOOKED LIKE ONE OF THOSE WHAREHOUSES...IN SOME SEEDY NEIGHTBORHOOD. IT WAS NOT ATTRACTIVE....AND THE CARS LOOKED LIKE CRAP COMPARED TO FOREIGN DEALRERS AND THEIR SHOWROOMS