TIMELINE: Chrysler bankruptcy and beyond

Wed Nov 4, 2009 7:19pm EST
 
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(Reuters) - Fiat (FIA.MI) Chief Executive Sergio Marchionne on Wednesday unveiled detailed plans intended to revive Chrysler and revamp nearly every area of its operations, saying the U.S. automaker was strengthening its cash position.

Following are some key events at Chrysler in 2009:

January 2, 2009 - Chrysler receives an initial $4 billion emergency government loan.

January 20 - Italy's Fiat unveils a preliminary deal to take a 35 percent stake in Chrysler in exchange for access to its technology and overseas markets.

March 30 - The Obama administration's autos task force rejects Chrysler's restructuring plan and warns it may be put through bankruptcy to reduce its debts. It gives Chrysler 30 days to complete an alliance with Fiat or risk being cut off from further government funding.

April 21 - The U.S. says it will make about $500 million available to Chrysler to the end of April.

April 30 - Chrysler and Fiat confirm a global strategic alliance as Chrysler files for Chapter 11 bankruptcy after talks with bondholders to restructure its debt collapse.

May 1 - Chrysler idles plants, saying its survival depends on quick court approval of its restructuring plan.

May 4 - Chrysler wins interim approval from a U.S. bankruptcy court to access a $4.5 billion loan from the U.S. and Canadian governments.

May 5 - A bankruptcy court approves bidding procedures for the rapid sale of most assets, overturning objections from a dissident group of about 20 lenders.

May 8 - The dissident lenders' group disbands, removing the last legal hurdle to the merger with Fiat.

May 14 - Chrysler's planned alliance with Fiat poses no competitive issues, the U.S. Federal Trade Commission says.

June 1 - A U.S. Bankruptcy Court judge approves the sale of substantially all of Chrysler's assets to a group led by Fiat.

June 9 - The U.S. Supreme Court clears the way for the sale of Chrysler LLC to Fiat.

-- Chrysler also wins court approval to cut a quarter of its U.S. dealerships.

June 10 - Fiat closes its takeover of Chrysler. Fiat Chief Executive Sergio Marchionne will also be Chrysler's CEO.  Continued...

 
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