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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 ...
Assignats were paper money (fiat currency) authorized by the Constituent Assembly in France from 1789 to 1796, during the French Revolution, to address imminent bankruptcy. They were originally backed by the value of properties now held by the nation; those of the crown taken over on 7 October, and those of the Catholic Church, which were ...
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.
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 ...
Advantages of filing for Chapter 13 bankruptcy. While bankruptcy will stay on your credit report for up to seven years, there are multiple reasons you may want to choose Chapter 13 over other options.
From 2001 to 2004 Fiat had lost more than 6 billion euros and was close to bankruptcy. CEO Sergio Marchionne returned the company to profit in 2005. [11] In 2009 as the U.S. automobile industry was collapsing Fiat became a trailblazer by acquiring an initial 20% stake in the then-bankrupt Chrysler company in a deal with the Obama administration.
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.