Obama: Chrysler-Fiat deal gives US company ‘new lease on life’

Obama applauds Chrysler-Fiat deal

WASHINGTON — President Barack Obama says a court’s decision to approve the sale of Chrysler’s assets has given the automaker “a new lease on life.”

A judge approved the sale of most of Chrysler’s assets to Italy’s Fiat on Sunday.

In a statement, the president said the deal will allow Chrysler to “successfully emerge from bankruptcy as a new, stronger, more competitive company for the future.”

Chrysler filed for bankruptcy in April. The sale to Fiat means the company could be out of bankruptcy within the government’s 30 to 60 day time frame.