- Jun 1, 2009
Officially, Official: Bankruptcy judge approves sale of Chrysler assets
Gonzalez cited the public interest as one of the reasons to move ahead with the sale. Because the billions of dollars in loans from the two governments, keeping the company alive it was decided that this course of action was the best opportunity for some repayment. Senior lenders will receive $2 billion, or about .29 cents on the dollar of the debt currently owed by Chrysler. Some 90 percent of the company's senior lenders were reportedly in support of the deal.
The "new" Chrysler will henceforth be known as Chrysler Group LLC.