"80 Goodmans lawyers ranked as top-tier in 31 areas of law." - Canadian Legal Lexpert Directory
Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Restructuring of Chrysler LLC

2009

Areas Banking and Finance Law, Corporate and Commercial, Corporate Finance and Securities, Corporate Restructuring, Pensions

Summary

Goodmans acted as Canadian external counsel to the Government of Ontario in the restructuring of Chrysler LLC. Chrysler Group LLC, the new Chrysler corporation, purchased the world-wide strategic assets of Chrysler LLC pursuant to a court approval under Chapter 11 of the US Bankruptcy Code. The assets acquired indirectly through the purchase of the shares of Chrysler Canada Inc. included all of the vehicle assembly plants in Canada. The transaction was an extremely quick restructuring of the automaker in a plan orchestrated and backed financially by the US and Canadian governments, which provided billions of dollars in taxpayer-funded loans. Following the closing, Fiat holds 20 per cent of Chrysler Group LLC, the US Treasury 9.85 per cent, the Canadian government 2.46 per cent and the United Auto Workers union retiree health care trust fund 67.69 per cent. Fiat’s stake will rise to 35 per cent and potentially to a majority stake as long as targets mandated by the deal are achieved and taxpayer funds are repaid. The transaction included loans to Chrysler Canada in excess of $2.3 billion.