the coming weeks and months, I will be spending Chrysler employees and touring its facilities.
a great deal of time meeting While our agreement must
necessarily go through ourselves to reemerge Chrysler can meet the
the U.S. legal system quickly as a reliable challenges posed by
for a few weeks, we will be preparing and competitive automaker. I believe today’s difficult market conditions by
tapping back into its innovative spirit, product offering and by listening to its is a model we have strictly adhered to
by focusing on quality as a cornerstone of its customers and delivering the cars they want. It in the past few years at Fiat, and one I believe
we can adapt here to write The transaction which we Fiat and Italian industry.
the next chapter in Chrysler's legacy. have just finalized represents an historic It is a significant step toward building
moment for a new and
foundation for the future. Today is also a day of great satisfaction for all women and men at Fiat. Fiat’s know-how has been appreciated at the most senior levels of Canadian administration – to whom I express gratitude on behalf of
The the our
fact that US and Group’s
entire management team – is a source of significant motivation for us. We are certain that a stronger and more international Fiat will
alliance, with an even greater capacity Fiat Group, Sergio Marchionne, said.
2. The transaction
The transaction will be implemented through an expedited sale of substantially all the assets of Chrysler to a NewCo pursuant to certain provisions of the US Bankruptcy Code. After intense consultations with the US Treasury and all the other constituencies, including, the government of Canada, the United Auto Workers (UAW) and the Canadian Auto Workers (CAW), Chrysler elected such route as the most effective to restructure its debt. As a consequence, today Chrysler will request the bankruptcy court in New York to approve the sale of Chrysler’s business to a NewCo. Subject to the approval of the regulatory authorities, if the Court will approve the Transaction it will require the parties to complete the transaction as soon as possible. Pending this approval, the current Chrysler will continue its normal business operations and the US Treasury and the Canadian government will provide the company with financing in order to allow the performance of all its obligations towards the employees and to fund its on-going needs. From the beginning of May Chrysler will benefit of new wholesale financing arrangements entered into with GMAC which will also offer retail financing.