Chrysler-Fiat deal a go as Supreme Court steps aside - Triangle Business Journal:

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The company is now knowh as Chrysler Group LLC and remaine based inAuburn Hills, Mich. The Supreme Court, whichh had temporarily held up the deal on Monday whilwe it considered appeals by three Indiana stats pension funds and severalconsumer groups, said in an order that the group had not proven that the court needed to intervene. Chrysledr and Fiat reported Wednesday they have concludeed the dealWednesday morning.
The plan to salvagde Chrysler will remake the company into one owned 55 percen t by a unionpension trust, 20 percengt owned by Fiat -- a share that could grow to 35 percent -- and the rest ownee by the governments of the United States and Fiat cannot obtain a majority stake in Chryslere until all taxpayer funds are repaid. "This is a very significantf day, not only for Chryslefr and itsdedicated employees, who have perseveref through a great deal of uncertainty during the past year, but for the globalk automotive industry as a whole," said Sergio who was named CEO of Chrysler in a statement.
"From the very we have been adamant that this alliance must be a constructive and important step towards solving the problems impactingvour industry. We now look forward to establishing a new paradignm for how automotive companies can operate profitably going The new Chrysler will be managed bya nine-membe board of directors, consisting of threer directors to be appointed by Fiat, four directors to be appointesd by the U.S. government, one director to be appointed by the Canadiah government and one director to be appointed by the United Auto Retiree MedicalBenefits Trust. The board is expectef to name C. Robert Kidder as chairman.
On a federal bankruptcy judge in New York refusesd toblock Chrysler's effort to pull the franchises of 789 including Island Dodge in Kahului, Maui. Judged Arthur Gonzalez ordered the dealers to stop selling theidrremaining Chrysler-made vehicles immediately.