A US bankruptcy court judge has approved the sale of substantially all of Chrysler’s assets to a group led by Fiat hours before an expected bankruptcy filing by General Motors.
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Judge Arthur Gonzalez approved the US$2bn sale of the assets to a new company that will be 68% controlled by a heath care trust aligned with the United Auto Workers union, Reuters reported.
Fiat will control 20%, and the US and Canadian governments will control the remaining 12%.
Chrysler filed for bankruptcy protection on 30 April to complete the sale and alliance with Fiat within 60 days in a case that analysts have seen as a test for the much bigger and more complex bankruptcy of GM.
