Category Archives: Fiat

Judge Clears Sale of Chrysler to Fiat

NY Times

A federal judge on Sunday night cleared a path for Chrysler to exit bankruptcy by approving a sale of most of the carmaker’s assets to a new entity to be run by Fiat of Italy.

Judge Arthur J. Gonzalez of the United States Bankruptcy Court for the Southern District of New York approved the government-backed plan after three days of marathon hearings on the proposal. On Friday, testimony and arguments in federal bankruptcy court in Manhattan lasted nearly 12 hours.

With the approval, a newly reorganized Chrysler could come out of bankruptcy as early as this week, about a month after seeking protection, an extraordinarily short amount of time for a reorganization.

READ MORE >>> Here

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Filed under bankruptcy, Chrysler, Fiat, NY Times

SEN. MENENDEZ SEEKS ASSURANCES THAT FEDERAL LOAN IS NOT USED TO PROP UP FOREIGN AUTO MAKER

Member of Banking and Finance Committees asks President Obama to require that Chrysler repay TARP loan should Fiat take majority ownership

WASHINGTON – U.S. Senator Robert Menendez (D-NJ) today asked President Barack Obama to institute a policy to prevent auto company rescue funds from going to foreign auto companies. With Italian carmaker Fiat in a deal to purchase 35 percent of Chrysler and with news reports citing the possibility that it could eventually own up to 55 percent of Chrysler, Senator Menendez is asking that Chrysler be required to pay back loans from the Troubled Asset Relief Program should Fiat become the majority owner of the company.

Read Senator Menendez’s letter to President Obama>>>HERE



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Filed under Chrysler, Fiat, foreign auto companies, President Obama, repayment of loans, Senator Bob Menendez, TARP

>SEN. MENENDEZ SEEKS ASSURANCES THAT FEDERAL LOAN IS NOT USED TO PROP UP FOREIGN AUTO MAKER

>Member of Banking and Finance Committees asks President Obama to require that Chrysler repay TARP loan should Fiat take majority ownership

WASHINGTON – U.S. Senator Robert Menendez (D-NJ) today asked President Barack Obama to institute a policy to prevent auto company rescue funds from going to foreign auto companies. With Italian carmaker Fiat in a deal to purchase 35 percent of Chrysler and with news reports citing the possibility that it could eventually own up to 55 percent of Chrysler, Senator Menendez is asking that Chrysler be required to pay back loans from the Troubled Asset Relief Program should Fiat become the majority owner of the company.

Read Senator Menendez’s letter to President Obama>>>HERE



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Filed under Chrysler, Fiat, foreign auto companies, President Obama, repayment of loans, Senator Bob Menendez, TARP