Fiat Closes Chrysler Deal After 42-Day Bankruptcy

Law360, New York (June 10, 2009, 12:00 AM EDT) -- The sale of Chrysler LLC's principal assets to Italian car maker Fiat SpA was completed Wednesday after the U.S. Supreme Court refused to hear a legal challenge to the alliance, closing one of the last remaining chapters in the U.S. auto giant's 42-day bankruptcy stint.

The company to emerge from Chapter 11 under the new global alliance is Chrysler Group LLC, which exits with $6 billion in government financing and emerges unshackled from debt, labor costs and hundreds of poor-performing dealerships.

The completion of the sale...
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