(H/T – The Focusing Brad V)
While I was on a conference call with Sen. Lamar Alexander (recap in the post immediately prior), Chrysler, Fiat, and the United States Treasury took immediate advantage of the denial of relief from several objectors, including three Indiana trust funds, and closed the deal for Fiat to buy an initial 20% stake in the “good” assets of Chrysler for $2 billion and give the UAW a 55% stake in the new company.
UAW Motors escapes bankruptcy with $6 billion in financing from the US Treasury, which according to previous reports will be of official senior secured status.
