1 post tagged “fiat”
Despite a temporary delay, the U.S. Supreme Court approved the sale of Chrysler’s assets to Italian automaker Fiat. The Chrysler-Fiat alliance will help finalize the Chrysler bankruptcy, leaving Fiat with 20% control of the company, and U.S. and Canadian governments and the United Auto Workers union owning the rest.
While the Chrysler bankruptcy has moved quickly, it has not been without detractors observes one Pennsylvania used car dealer. This included a pension funds holding as well as numerous Chrysler dealerships. Chrysler let 789 Chrysler dealerships go, and needless to say many took legal action against the automaker.
The Supreme Court has rejected the challenges that were presented against the automaker says Used Cars Chattanooga. Arguing that the only alternative to the sale was total liquidation of Chrysler’s assets, the Supreme Court approved the sale in hopes of averting worsening viability and the loss of thousands of jobs.
In addition to having to close dealerships, car loan reading PA specialists also point out that the Chrysler bankruptcy has forced production to stop at all of the automaker’s plants. In addition, new products such as the upcoming Chrysler 300 and all-new Jeep Grand Cherokee may be delayed due to these problems. Despite the problems, the official sale of Chrysler’s assets is expected to come to an end June 15. With Chrysler and its dealers losing money daily, the end of the bankruptcy proceedings couldn’t end soon enough.
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