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Plan to sell Chrysler assets approved by US judge

China Daily | Updated: 2009-06-02 08:10

Plan to sell Chrysler assets approved by US judge

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.

Plan to sell Chrysler assets approved by US judge

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