Sold: judge approves the sale of Chrysler to Fiat as GM files for bankruptcy

FIAT_LOGO The good news is that you might soon be able to purchase a new Fiat in the U.S.

The bad news is that untold number of jobs will most likely still be shed by Chrysler as it merges with Fiat over the weeks and months to come.

A bankruptcy judge has formally approved the sale of Chrysler to Fiat as part of the governments restructuring plan.

The new entity to emerge from the bankruptcy court will be owner by:

– Fiat
– The U.S. government
– Canadian Government
– UAW benefits Trust

According to Reuters:

"But in a sign of progress in the government's high-stakes
effort, a bankruptcy judge approved the sale of substantially
all of U.S. automaker Chrysler's assets to a group led by
Italy's Fiat SpA(FIA.MI) in an opinion filed late on Sunday.

Chrysler's bankruptcy, also financed by the U.S. Treasury,
has been widely seen as a test run for the much bigger and more
complex reorganization of GM."

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