Chrysler, Fiat Sale Approved

Earlier this morning, a bankruptcy court in New York approved the sale of the new Chrysler company — formed from the bankrupt automaker’s healthy parts — to Fiat, the Italian automaker. The union is seen by analysts and government officials as the only way for Chrysler to come out of bankruptcy as a viable company.

The decision comes before Fiat’s June 15 deadline for the alliance. This paves the way for the new Chrysler to exit bankruptcy in the two-month timeframe set by the government, and it could prove a positive sign for GM’s own bankruptcy proceedings, which could take twice as long. That would still be blazingly fast for such a complex bankruptcy.

The company also confirmed that Chrysler CEO Robert Nardelli will resign his post. An official replacement has not been named.