Chrysler ready to emerge from bankruptcy
Fiat to take control of company, assets after judge's ruling
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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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey