Chrysler-Fiat deal is completed - Washington Business Journal:

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The company is now knowbn as and remains based inAuburnn Hills, Mich. The Supreme Court, which had temporarily held up the deal on Mondat while it considered appeals by three Indiansa state pension funds and severalconsumerd groups, said in an order that the groups had not proven that the courf needed to intervene. Chrysledr and Fiat reported Wednesday they have concluded the deal Wednesday The plan to salvage Chrysler will remake the companyu into one owned 55 percentf by a unionpension trust, 20 percenft owned by Fiat -- a share that coulf grow to 35 percengt -- and the rest owned by the governments of the United Statezs and Canada.
Fiat cannot obtain a majority stakse in Chrysler until all taxpayed fundsare repaid. "This is a very significant day, not only for Chrysle r and its dedicated who have persevered through a great deal of uncertainth during thepast year, but for the globak automotive industry as a whole," said Sergio Marchionne, who was named CEO of Chrysleer Group, in a statement. "From the very we have been adamantg that this alliance must be a constructivwe and important step towards solvinbg the problems impacting our We now look forward to establishing a new paradigm for how automotivwe companies can operate profitably going The new Chrysler will be managed bya nine-memberf board of directors, consisting of three directors to be appointe d by Fiat, four directors to be appointed by the U.
S. government, one director to be appointe by the Canadian government and one director to be appointe d by the United Auto Retiree MedicalBenefits Trust. The board is expected to name C. Robery Kidder as chairman. On Tuesday, a federa bankruptcy judge in New York refused toblock Chrysler'sa effort to pull the franchises of 789 including 14 in Georgia.