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Paul, Weiss Advises Canada in Sale of Chrysler Interests
Practices
Paul, Weiss has advised the government of Canada in the sale of its interests in Chrysler Group LLC (Chrysler) to Fiat SpA for total consideration of $140 million.
Canada received $125 million for the sale of all of its membership interests in Chrysler, a sum that represented a 1.5 percent ownership stake (on a fully diluted basis). Canada also received $15 million as a portion of proceeds that arose from the assignment to Fiat of its rights under an equity recapture agreement relating to Chrysler between the United States Department of the Treasury and the UAW Retiree Medical Benefits Trust (VEBA).
Canada acquired its membership interests in Chrysler and its rights in the equity recapture agreement in partial repayment of loans that it had made to Chrysler in connection with the U.S. and Canadian governments' bailout of Chrysler.
The Paul, Weiss team advising the Canadian government was led by corporate partner Edwin S. Maynard and included corporate partner Matthew W. Abbott, and tax partner David R. Sicular.