Judge Arthur Gonzalez may approve the sale of Chrysler as early as next Wednesday’s hearing. According to a report by Automotive News, Chrysler’s main business may be approved for sale to Fiat SpA by the end of May – in line with the government’s target of getting the Auburn Hills automaker out of bankruptcy within 30 to 60 days.
While there are a couple of hurdles that still remain, Gonzalez has been a key part in getting objections from employees, part suppliers and others cleared up.
Most of Chrysler’s assets will be formed into a new company that will be sold to Fiat, the unions, and the Canadian and U.S. governments. Some of the company’s plants will remain in bankruptcy to settle other claims.
Last week, Chrysler announced that C. Robert Kidder will become Chairman of Chrysler, replacing Bob Nardelli. It is reported that the new company will be called Chrysler Group LLC, of which Sergio Marchionne, head of Fiat, will become CEO.
– By: Omar Rana