Chrysler chief executive Bob Nardelli praised a court decision that opens up the way for the bankrupt firm to sell its assets, creating an alliance with Fiat SpA.
“This is a major step forward as it sets out a swift, clear path,” Nardelli told employees in a memo obtained by Reuters. “It is crucial that this transaction be completed in a timely manner in order to secure maximum value for our stakeholders.”
New York bankruptcy court judge U.S. Judge Arthur Gonzales ruled on Tuesday to allow Chrysler’s plan to sell assets to go through, a necessary step for the Fiat alliance.
Some lenders are objecting to the sale, saying it’s not the best way to maximize value