Post by Roadhog on Jun 1, 2009 18:56:38 GMT 12
US car group Chrysler has secured court approval to sell most of its assets to a consortium led by Italy's Fiat.
The move, which is backed by both the US and Canadian governments, should enable Chrysler to exit bankruptcy protection in the near future.
Under the terms of the deal, Fiat will control 20% of Chrysler, while 68% will be owned by a union trust, and the two governments will share 12%.
It comes as General Motors is about to file for its own bankruptcy protection.
Government loans
Under the terms of the Fiat-led deal, creditors holding $6.9bn (£4.3bn) of Chrysler debt will receive only $2bn.
The move, which is backed by both the US and Canadian governments, should enable Chrysler to exit bankruptcy protection in the near future.
Under the terms of the deal, Fiat will control 20% of Chrysler, while 68% will be owned by a union trust, and the two governments will share 12%.
It comes as General Motors is about to file for its own bankruptcy protection.
Government loans
Under the terms of the Fiat-led deal, creditors holding $6.9bn (£4.3bn) of Chrysler debt will receive only $2bn.
