Chrysler ready to emerge from bankruptcy

Fiat to take control of company, assets after judge's ruling

By Bob Vavra June 1, 2009

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.

Author Bio: Bob is the Content Manager for Plant Engineering.