Fiat to take control of company, assets after judge's ruling
Bob Vavra -- Plant Engineering, 6/1/2009 10:10:23 AM
Chrysler will emerge from bankruptcy protection soon after the bulk of the automaker's assets were sold to Italian automaker Fiat as part of a bankruptcy judge's ruling. The sale clears the way for Fiat to take control of Chrysler and for the company to emerge from bankruptcy protection just a few weeks after it filed for bankruptcy on April 30. CNN reports that while a United Auto Workers trust owns 55% of the new Chrysler Group, Fiat will have the opportunity over time to control as much as 51% of the company. It will also be able to decide which of Chrysler's assets it wants to take as part of the restructuring.
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