NEWS  16.06.2009 | The new company Chrysler Group LLC On June 10, 2009, Chrysler Group LLC and Fiat Group announced that they have finalized their global alliance. The new company, Chrysler Group LLC is free from Chapter 11 bankruptcy, has significantly lower debt, financing backed by the U.S. Government and access to new small engine technology from Fiat. The company formerly known as Chrysler LLC sold substantially all of its assets, without certain debts and liabilities, to the new company that will operate as Chrysler Group LLC. A Fiat subsidiary was issued a 20 percent equity interest in the new company, which will increase in increments up to a total of 35 percent in the event that certain milestones are achieved. Fiat cannot obtain a majority stake in Chrysler Group until all taxpayer funds are repaid. The United Auto Workers' Retiree Medical Benefits Trust has been issued a 55 percent equity interest in Chrysler Group. The U.S. Treasury and the Canadian Government have been issued an equity interest equal to 8 percent and 2 percent respectfully. Mr. Sergio Marchionne was named Chief Executive Officer of Chrysler Group LLC. In addition to Mr. Marchionne, the new Chrysler will be managed by a nine-member board of directors, consisting of three directors to be appointed by Fiat, four directors to be appointed by the U.S. Government, one director to be appointed by the Canadian Government and one director to be appointed by the United Auto Workers' Retiree Medical Benefits Trust. The Board is expected to name C. Robert Kidder as Chairman.  Back to main page