Fiat to name executives for new Chrysler board

The Financial Times report citing Altavilla’s court testimony stated that Fiat will name the following names to the board of new Chrysler.
Altavilla also said Marchionne should be named Chief Executive and “spend a substantial amount of time in Detroit.”
He also said the deal that would create an alliance between the two car makers could close a few days after a US bankruptcy court approves the proposed sale of most of Chrysler’s operations to a group, including the US government, the United Autoworkers Union and Fiat.
Further, the report stated that Fiat would reconsider if the transaction does not close by June 15 or if the bankruptcy process does not free the Detroit auto maker of liabilities like tort claims.
Meanwhile, on Wednesday, Judge Arthur Gonzalez began to hear objections, which numbered more than 300, but centered on the opposition of Chrysler’s dealers and secured lenders to the sale, the daily noted.
No funding for Opel
As the battle for German carmaker Opel narrowed to a race between Fiat and Magna, overnight talks to shield Opel from General Motors’ looming bankruptcy ended with no deal.
German ministers, said on Thursday morning, that they had been unable to reach a deal to provide Opel with temporary financing if GM files for bankruptcy, and put the blame for the failure squarely on General Motors and the United States Treasury.

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