Court approves sale of assets for this Friday
2 June 2009

The sale of Chrysler's assets to Fiat will be completed this Friday, clearing the way for the restructured company to emerge from bankruptcy protection.

Judge Arthur Gonzalez gave his final approval for the sale, meaning most of Chrysler's assets will be sold to Fiat, a union-aligned trust and the governments of the United States and Canada. The group will pay $2 billion (£1.2 billion) to secured lenders.

Unwanted assets including several factories will remain in bankruptcy and be liquidated.

More than 340 objections to the sale were filed, with the most vigorous opposition mounted by three Indiana pension funds that hold Chrysler loans.

All have been dismissed, although several objectors have said they intend to appeal - a potentially lengthy process that threatens to hold up the launch of 'New Chrysler'.

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