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| Federal bankruptcy judge approves sale of most of Chrysler's assets to Fiat |
| 2009-06-02 |
| A federal bankruptcy judge approved the sale of most of Chrysler LLC's assets to Italy's Fiat, moving the American automaker a step closer to its goal of a quick exit from court protection. Judge Arthur Gonzalez said in his ruling late Sunday that a speedy sale -- the centerpiece of a restructuring plan backed by President Barack Obama's automotive task force -- was needed to keep the value of Chrysler from deteriorating and would provide a better return for the company's stakeholders than if it had chosen to liquidate. "Any material delay would result in substantial costs in several areas, including the amounts required to restart the operations, loss of skilled workers, loss of suppliers and dealers who could be forced to go out of business in the interim, and the erosion of consumer confidence," Gonzalez wrote in his opinion. "In addition, delay may vitiate several vital agreements negotiated amongst the debtors and various constituents." As a result, the proposed sale must be approved in order to preserve the value of Auburn Hills, Michigan-based Chrysler's business and what is ultimately left for its stakeholders, Gonzalez said. The ruling came ahead of fellow U.S.-automaker General Motors Corp.'s government-supported bankruptcy protection filing. The Detroit-based automaker filed for bankruptcy protection in New York's Southern District early Monday. |
| Posted by:Fred |
| #4 I'm waiting for the Uno Hemi. |
| Posted by: Skunky Glins 5*** 2009-06-02 22:43 |
| #3 Ha! Better off lighting them on fire. |
| Posted by: Hellfish 2009-06-02 19:00 |
| #2 ...I still say that there will never be another 'real' Chrysler or Dodge. We'll see some rebranded Fiats for a couple years, then it'll be gone for good except for Jeep. Mike |
| Posted by: Mike Kozlowski 2009-06-02 16:32 |
| #1 Still waiting for the roll-out of the new Fiat Lux... |
| Posted by: mojo 2009-06-02 10:23 |