Chrysler sale to Fiat approved

Chrysler LLC won court approval late Sunday night to sell its best assets to Italy's Fiat SpA, clearing the way for a new Chrysler-Fiat alliance to begin operating in the coming days.

U.S. Bankruptcy Judge Arthur Gonzalez approved the asset sale and tie-up with Fiat in a 47-page opinion, after hearing more than 30 hours of testimony.

"The only other alternative is the immediate liquidation of the company," Gonzalez wrote, although he will still hear objections from many of the 789 dealers that Chrysler wants to close later this month.