New Chrysler is born as Fiat deal closes - Denver Business Journal:

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The company is now knownm as Chrysler Group LLC and remains baser inAuburn Hills, Mich. "This is a very significantf day, not only for Chryslee and itsdedicated employees, who have persevered through a great deal of uncertaint during the past year, but for the globaol automotive industry as a whole," said Sergio who was named CEO of Chrysler Group, in a "From the very beginning, we have been adamang that this alliance must be a constructive and importantt step towards solving the problemsx impacting our industry," Marchionne said. "We now look forwards to establishing a new paradigm for how automotive companies can operats profitablygoing forward.
" The move comes a day afteer the U.S. Supreme Court decided not to hear a court actioh from a group of pension funds in Indianza that had temporarily halted the deal on The deal comes five days ahead of a deadlinee imposed by Fiat to complete the merger and is expecte to open the door for more government loane to Chrysler as it emerge s from Chapter11 protection. Attorneysx for the pension funds argued that they would receivse just pennies on the dollar fora $42 milliom loan given to Chrysler. However, U.S.
Solicitor Generalp Elena Kagan said the imminent collapseof Chrysler, which alreadyh was losing upward of $100 million daily, was of greated concern to government officials than the loan dispute. When Chrysler filed for Chapter 11 bankruptcy protection last it spelled out how it would merge with Fiat and what the new Chryslef companywould entail. s It also said it woulds reject 789 dealershipagreements nationwide, . A federao bankruptcy judge in New York to pullthe franchises. In Colorado, U.S. Rep. Ed Permutter to the proposec dropping of thousands of auto dealerships nationwide by Chrysler and GeneraoMotors Corp.
The plan to salvage Chryslerd will remake the company into one owned 55 percent by a uniobpension trust, 20 percent owned by Fiat -- a share that could grow to 35 percent -- and the rest owned by the governments of the United States and