The US Bankruptcy Court, Southern District of New York, approved Chrysler LLC’s request to sell substantially all of its operations to Chrysler Group LLC, the new company formed in alliance with Fiat SpA. (Earlier post.)
Chrysler’s Mexican, Canadian and other international operations will also be acquired by Chrysler Group.
As the Company announced previously on 30 April Bob Nardelli, who had been leading Chrysler since August 2007, will resign from Chrysler LLC on completion of the transaction. He will return to Cerberus Capital Management LP as an advisor.