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Judge in Chrysler case paves way for Fiat deal

BBC News reports that the judge overseeing the bankruptcy of Chrysler has taken a significant step toward allowing the sale of the ailing US automaker to Italian rival Fiat.

Judge Arthur Gonzales rejected arguments from a group of Chrysler lenders, who wanted the deal blocked.

He said that the plan was a “fair and ordinary” process and stressed the “urgent need” for a sale.

The decision is seen as a victory both for Chrysler and for the US government, which has backed the plan.

Chrysler has asked for permission for a quick sale of most of its assets to a new company held by Italy’s Fiat , a United Auto Workers union healthcare trust and the US and Canadian governments. Full story…

May 7, 2009In51der
  • Fiat may increase Chrysler stake to 51%
  • Fiat and Chrysler report big first quarter losses
  • US Judge approves GM asset sale
  • Fiat and Chrysler complete deal
  • Chrysler’s sale to Fiat approved
  • Chrysler lenders take legal action to stop Fiat sale
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