Court Approves Sale of Chrysler LLC Operations to New Company Formed with Fiat
Chrysler LLC today announced that the U.S. Bankruptcy Court, Southern District of New York,
has approved its request to sell substantially all of its operations to Chrysler Group LLC, the new
company formed in alliance with Fiat SpA.
"With this approval, the new Chrysler Group is created and can prepare to launch as a vibrant
new company formed with Fiat," said Robert L. Nardelli, Chairman and Chief Executive Officer
of Chrysler LLC. "Through the hard work and foresight of many Chrysler stakeholders, Chrysler
Group will soon begin operations with significant strategic advantages, such as a wage and
benefit structure for active and retired employees that is competitive with those of transplant
manufacturers; a reduction of debt and interest expense; the disposition of idle assets; a
rationalized and more efficient dealer network; and sound agreements with our suppliers. While
this has been an extremely difficult chapter in Chrysler's history for all involved, the new
Company and its customers, employees and suppliers can now begin on a fresh page."
The alliance with Fiat provides Chrysler Group with access to exciting products that complement
the Company's current portfolio, technology cooperation and stronger global distribution. Work
with Fiat is already well underway to develop the next generation of environmentally friendly,
fuel-efficient high-quality vehicles.
These and other important steps taken over the past month will position Chrysler Group to
provide customers and dealers with the high quality vehicles and service they expect, and enable
the new company to become a strong competitor. Many of Chrysler's stakeholders have worked
expeditiously together to launch Chrysler Group, which will move quickly to realize the benefits
of the alliance.
"We are very grateful to loyal Chrysler customers who have supported us throughout this process
and assure them Chrysler Group is well prepared to produce and suppor