x Abu Dhabi, UAEThursday 27 July 2017

Bankruptcy court approves Chrysler takeover

A US bankruptcy judge has approved the sale of troubled US automaker Chrysler to Fiat.

A US bankruptcy judge has approved the sale of troubled US automaker Chrysler to Fiat, according to a ruling made available today. "The sale motion is granted in its entirety and entry into and performance under and in respect of the purchase agreement and the sale transaction is approved," judge Arthur Gonzalez wrote in his ruling. He further added that despite extensive efforts over the last two years "to seek various alliances for Chrysler, the Fiat transaction is the only option that is currently viable".

The third-biggest US automaker has declared bankruptcy and is seeking a tie-up with Fiat in a plan presented as the only way to save the company from liquidation. Creditors, parts suppliers, dealership owners and others losing money in the bankruptcy argue that their rights have been trampled in the effort to force through the deal. * AFP