Wednesday, 06 May 2009 04:53

Chrysler gets the OK to launch sale plan for partnership with Fiat

Chrysler LLC can start the clock ticking on its sale to a partnership with Fiat SpA after a bankruptcy judge approved the first major step Tuesday to craft a viable automaker on life support from the U.S. government.

The process, approved by U.S. Bankruptcy Judge Arthur Gonzalez, would give any bidder until May 20 to step forward with a bid worth at least $2.1 billion. The court is to consider confirming the sale May 27.

click for Detroit Free Press story

2nd story:

The judge overseeing Chrysler's Chapter 11 proceedings has ruled that the automaker can start taking steps toward selling the vast majority of its assets to Italy's Fiat Group.

click for USA Today story Save

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