On June 10, after a 42-day trip through U.S. bankruptcy court, Chrysler LLC sold itself to Fiat S.p.A, becoming the new Chrysler Group LLC.
The distressed car company appealed to the government for help last December, borrowing $4 billion under the Troubled Asset Relief Program (TARP). But in March the Obama administration rejected Chrysler’s initial viability plan. The administration agreed to provide additional financing only if Chrysler obtained concessions from creditors and forged a partnership with Fiat by the end of April.
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