Plan to sell Chrysler assets approved by US judge
China Daily | Updated: 2009-06-02 08:10
NEW YORK/DETROIT: A US bankruptcy judge on Sunday approved the sale of substantially all of US automaker Chrysler's assets to a group led by Italy's Fiat SpA hours before an expected bankruptcy filing by General Motors Corp.
Judge Arthur Gonzalez approved the $2 billion sale of the assets to a new company that will be 68 percent controlled by a healthcare trust aligned with the United Auto Workers union.
Fiat will control 20 percent, the US and Canadian governments will control the other 12 percent.
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