Chrysler-Fiat Deal Leaving Chrysler Brass Beaming

By: Associated Press Email
By: Associated Press Email

NEW YORK -- Chrysler brass is beaming after a bankruptcy judge approved the sale of most of the automaker's assets to Italy's Fiat.

Chrysler's outgoing CEO says with the approval, "the new Chrysler Group is created." He says blending with Fiat allows the Detroit company to begin on a "fresh page."

Judge Arthur Gonzales says a speedy sale is needed to keep the brand's value from further deteriorating.

But, a trio of Indiana state pension and construction funds representing a small slice of the automaker's nearly $7 billion secured debt could stand in the way.

Their attorneys have said they would appeal to U.S. District Court if Gonzalez approved the sale. And Indiana's treasurer says a statement will be released soon regarding the state's plans for a possible appeal.

Chrysler says selling the bulk of its assets to Fiat is the only way it can avoid liquidation.

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