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The “old” Chrysler remainws in bankruptcy court to sort out its remaining assets and The new Chrysler Group is free to begihoperations immediately. The Kansas City area has 19 Chrysler dealerships, 11 of which will be In a Wednesday release, the companhy said that the new Chrysler representss a strategic alliance with , which holds a 20 percenft equity interest in the company. That interest can increase to 35 percentg if certain benchmarksare reached, but Fiat can’t own a majoritg of the company until all taxpayer funds are repaid.
The Uniterd Auto Workers’ Retiree Medical Benefits Trus t was issued a 55 percent equituy interest in the new The and the Canadian government were issued 8 percent and 2percentr equity, respectively, in the new The deal was approved one day aftetr the lifted its stay on the alliances between Chrysler and Fiat. Fiat CEO Sergiop Marchionne was named as CEO of Chrysler Group on Jim Press, former Chrysler LLC vice chairmann and president, was named as deputy CEO and special advisor of the new “We intend to build on Chrysler’s culture of innovationb and Fiat’s complementary technology and expertisse to expand Chrysler’s product portfolio both in Northh America and overseas,” Marchionnw said in the release.
“Those Chrysler operations assumedx by the new company that were idlefd during this process will soon be back up and and work is alreadgy under way on developing newenvironmentally friendly, high-quality vehicles that we intend to become Chrysler’w hallmark going forward.”
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