Sale of Chrysler’s assets to Fiat to be finalized by Friday

Article by Christian Andrei, on August 30, 2010

In an unexpected turn of events, Judge Arthur Gonzalez has approved the sale of Chrysler's assets to Fiat, but has cut the regular ten-day period necessary for such a sale to just four days, enabling both carmakers to finalize an agreement before the end of the week.

A consortium which consists of Fiat, the governments of both the US and Canada and a trust that's controlled by a union will be acquiring the good assets of Chrysler amounting to $2 billion, while the remaining assets will be liquidated to settle the carmakers debts.

There were in excess of 340 objections that were leveled in opposition to the sale of the assets of Chrysler to Fiat, and one of the more popular of these comes from three pension funds based in Indiana that were responsible for loans made by Chrysler.

According to the representative of the funds, the sale will reverse the priority of repayment.

Chrysler's legal representatives have requested that objections be submitted to the Court of Appeals for the Second Circuit for faster processing to ensure that the sale can be finalized before the deadline which has been set for June 15 this year.

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