Court Approves Sale of Profitable Chrysler LLC Assets to Chrysler Group LLC

Date 2009/6/3 9:15:14 | Topic: Miscellaneous

A major hurdle has been cleared on Chrysler's road to recovery - a U.S. Bankruptcy court as approved the sale of most of Chrysler LLC's assets to Chrysler Group LLC, the "new" company. It is Chrysler Group LLC that has the alliance with Fiat - this ruling effectively approves the alliance (merger). From the official press release:
"With this approval, the new Chrysler Group is created and can prepare to launch as a vibrant new company formed with Fiat," said Robert L. Nardelli, Chairman and Chief Executive Officer of Chrysler LLC. "Through the hard work and foresight of many Chrysler stakeholders, Chrysler Group will soon begin operations with significant strategic advantages, such as a wage and benefit structure for active and retired employees that is competitive with those of transplant manufacturers; a reduction of debt and interest expense; the disposition of idle assets; a rationalized and more efficient dealer network; and sound agreements with our suppliers. While this has been an extremely difficult chapter in Chrysler's history for all involved, the new Company and its customers, employees and suppliers can now begin on a fresh page."

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