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Chrysler sale to Fiat cleared to take effect Friday

Posted Tuesday, Jun 2, 2009, 3:14 pm in Employee News

Chrysler LLC’s sale of most of its assets to Fiat S.p.A. will be effective at noon Friday, a New York judge said on Monday, clearing the way for a “New Chrysler” to emerge from bankruptcy, Reuters reported.

Judge Arthur Gonzalez entered his final order approving the sale while shortening the usual 10-day period before such a sale becomes effective to four days, the news service said. Most of Chrysler’s assets will be sold to the Italian automaker, a union-aligned trust and the governments of the United States and Canada. The group paid $2 billion to secured lenders, Reuters said.

Unwanted assets including several factories will remain in bankruptcy and liquidated to satisfy various claims, the news service said. More than 340 objections to the sale were filed, with the most vigorous opposition mounted by three Indiana pension funds that hold Chrysler loans, the story said. (Reuters/Automotive News)
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