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US court clears way for Chrysler-Fiat deal
(Agencies)
Updated: 2009-05-06 16:40
US court clears way for Chrysler-Fiat deal

The Chrysler logo is seen on the front of the Detroit Axle Plant in Detroit, Michigan April 30, 2009. [Agencies]

The group had asked Gonzales to keep their identities secret, saying they faced "threats" to their safety. However, Gonzalez turned down the application and ordered the creditors to reveal their identies by midday (1600 GMT) Wednesday.

The new firm would be majority owned by the United Auto Workers (UAW) union, with small stakes by the US and Canadian governments, which would contribute some 10.5 billion dollars to the venture.

Fiat would initially take a 20 percent stake in the firm that would rise to 35 percent and could reach 51 percent as early as 2013 if Chrysler is able to repay its government loans.