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On Sunday, May 31, 2009, bankruptcy judge Arthur J. Gonzalez approved a proposed government restructuring plan and sale of Chrysler's assets. The sale allows most of the assets of Chrysler to be purchased by a new entity in which Fiat would own 20%, and the autoworker's union retirement health care trust (voluntary benefit association "VEBA") 55%, with the U.S. and Canadian government as ...
The integration between Fiat and Chrysler dates back to 2009, after Chrysler filed for Chapter 11 bankruptcy reorganization on 30 April 2009. On 10 June 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat, and the US and Canadian governments as principal owners.
Fiat S.p.A., or Fabbrica Italiana Automobili Torino (Italian Automobile Factory of Turin), was an Italian holding company whose original and core activities were in the automotive industry, and that was succeeded by Fiat Chrysler Automobiles NV (FCA). The Fiat Group contained many brands such as Ferrari, Maserati, Fiat, Alfa Romeo, the Chrysler ...
Taking his place, for now, will be board chairman and Fiat heir John Elkann. ... who seized on Chrysler’s difficulties to acquire a controlling stake in the aftermath of its 2008 bankruptcy. In ...
Remember Chrysler? It makes Jeeps, minivans, and such and was bailed out by the U.S. in 1979. But in May 2007 a private equity firm, Cerberus Capital, bought an 80.1 percent stake in Chrysler from ...
Jeff Kowalsky/Bloomberg via Getty Images By Deepa Seetharaman and Bernie Woodall DETROIT -- Chrysler Group filed paperwork Monday for an initial public offering, a move that could delay Fiat's ...
The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue. The Republican senators were unwilling to provide aid, some even suggesting that bankruptcy might be the best option as it would free manufacturers from the employment deals agreed with the ...
On July 21, Fiat bought the Chrysler shares held by the United States Treasury. With the purchase, Chrysler once again became foreign owned; this time Italian car maker Fiat gained majority ownership and control of Chrysler. [105] The United States government's involvement in the Chrysler bankruptcy cost the U.S. taxpayer $1.3 billion. [105]