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

The BMW M1 will be one of the most exclusive cars that will be showcased at the upcoming 2017 Pebble Beach Concours d'Elegance, alongside many other extravagant models. Firstly, there...
by - August 17, 2017
Aston Martin Vanquish Zagato makes its debut with a total of four variations including the Speedster and the Shooting Brake trims. As part of the limited edition model, the company...
by - August 17, 2017
Mitsubishi finally introduces the new Xpander MPV at the 2017 Indonesia International Auto Show in Jakarta Indonesia. Replacing the previous Expander, the new multipurpose vehicle will be mostly sold at...
by - August 16, 2017
Infiniti revealed its retro Prototype 9 race car before its slated debut at 2017 Pebble Beach Concours d'Elegance next week. In a recent press release, the company not only disclosed...
by - August 16, 2017
In the United States, not many automakers offer crossovers with a diesel engine option, but Chevrolet does, with their 2018 Equinox. Those who opt for this engine will get some...
by - August 16, 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