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Done Deal: Fiat Buys Chrysler Assets

Administration triumphs as bankruptcy effectively ends

By Matt Cantor,  Newser Staff

Posted Jun 10, 2009 10:31 AM CDT

(Newser) – Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may also provide a glimpse into the future of General Motors, also navigating bankruptcy.

An empty showroom is seen at a Chrysler dealership in Colma, Calif., that closed yesterday.
An empty showroom is seen at a Chrysler dealership in Colma, Calif., that closed yesterday.   (AP Photo)
A sign is posted at a Chrysler dealership in Colma, Calif., that closed yesterday.
A sign is posted at a Chrysler dealership in Colma, Calif., that closed yesterday.   (AP Photo)
The Fiat-Chrysler alliance is on course toward becoming a competitive, viable automaker, a Treasury official says.
The Fiat-Chrysler alliance is on course toward becoming a "competitive, viable automaker," a Treasury official says.   (AP Photo)
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COMMENTS
Showing 2 of 2 comments
Reader65069154
Jun 10, 2009 7:02 AM CDT
Anyone know what Fiat paid for this?
Fondue
Jun 10, 2009 5:45 AM CDT
Quick and painless. Next...

 
Chrysler • bankruptcy • General Motors • Detroit • automaker • auto industry • Big Three • wire transfer • Fiat • Obama administration

 
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