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Judge OKs Chrysler's Steps Toward Sale To Fiat

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Judge OKs Chrysler's Steps Toward Sale To Fiat

Business

Judge OKs Chrysler's Steps Toward Sale To Fiat

Judge OKs Chrysler's Steps Toward Sale To Fiat

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The judge overseeing Chrysler LLC's Chapter 11 proceedings has ruled that the automaker may start taking steps toward selling most of its assets to Italy's Fiat Group. The ruling came late Tuesday after more than seven hours of testimony and legal arguments.

RENEE MONTAGNE, host:

NPR's business news starts with Chrysler still inching towards a Fiat alliance.

(Soundbite of music)

MONTAGNE: Chrysler has cleared a major legal hurdle in the path towards reinventing itself. At a packed all-day court hearing yesterday in New York City, the judge overseeing Chrysler's bankruptcy ruled that the carmaker can go ahead and start selling its assets. Some lenders - mostly Chrysler investors who stand to lose out - argued against the entire proceeding. The judge overruled them, clearing the way for the fast track bankruptcy plan worked out by the Obama administration.

The plan involves selling Chrysler assets to a new entity held by Fiat, the U.S. and Canadian governments, and a health care entity linked to the UAW.

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