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

Article by Christian A., 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.

If you liked the article, share on:

Comments

Recommended

New and improved 2018 Subaru Legacy comes packed with a number of upgraded features from the get go - from the exterior to the interior. And the company has finally...
by - June 23, 2017
In an interview involving Lamborghini CEO Stefano Domenicali and Automotive News, the topic about the Urus was thoroughly discussed. This super SUV is scheduled to make its debut later this...
by - June 23, 2017
Porsche definitely adores variety. You’ll see what we mean if you browse through the official company's website that shows a plethora of various 911 models. And now, the German marque...
by - June 23, 2017
2018 Ford Expedition is on its way to the market, and will be arriving at dealerships this fall. The all-new SUV will come with a new design, new EcoBoost engine,...
by - June 23, 2017
The 2018 Porsche 911 GT2 RS that made its debut not so long ago at the E3 video game expo in Los Angeles has already been sold out according to...
by - June 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries