Chrysler ready to emerge from bankruptcy
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.