Fiat completes deal for Chrysler
Chrysler completed its alliance with Fiat on Wednesday morning, largely ending its quick trip through bankruptcy.
After a delay because a U.S. Supreme Court decision that temporarily put the deal on hold, the accord was finally made official after another Supreme Court decision, in which the justices declined to hear arguments against the merger. Chrysler sold the bulk of its assets to Fiat in the deal, which was completed at about 9 a.m.
When Chrysler filed for bankruptcy on April 30, President Obama promised its reorganization would be “efficient” and “controlled.” The quick completion of the deal was an important victory for the Obama administration, which is seeking to remake the American auto industry after years of declining sales.
This morning’s closing represents a proud moment in Chrysler’s storied history. The Chrysler-Fiat alliance has now exited the bankruptcy process and is poised to emerge as a competitive, viable automaker.”— A Treasury Official