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…