Chrysler completes restructuring

Torys acted as Canadian and U.S counsel to Canada Development Investment Corporation, the Crown corporation that holds Canada's equity in the restructured General Motors. The Torys team included Patrice Walch-Watson and Darren Baccus (corporate), Peter Keenan (tax) and Wilfred Estey (opinions).

On June 9, 2009, Chrysler Group LLC announced that it emerged from 42 days of court-supervised restructuring proceedings in the United States. The bankruptcy settlement was brokered by the U.S. and Canadian governments, and Chrysler will now be run by Italy's Fiat Group SpA. For their loans, the U.S. taxpayers own 8% of the company; Canada has 2% ownership; the United Auto Workers received 55% of the company to fund its retiree health care obligations; and Fiat has a 20% share, which could eventually grow to 35%.

Canada Development Investment Corporation is a Canadian federal Crown holding company created in 1982 as a commercial vehicle for government equity investment and to manage the commercial holdings of the government.

Chrysler Group LLC, formed in 2009 from a global strategic alliance with Fiat Group, produces Chrysler, Jeep, Dodge, Mopar and Global Electric Motors (GEM) brand vehicles and products. Headquartered in Auburn Hills, Michigan, with Canadian headquarters in Windsor, Ontario, Chrysler Group LLC's product lineup features some of the world's most recognizable vehicles. Fiat will contribute world-class technology, platforms and powertrains for small- and medium-sized cars, allowing Chrysler Group to offer an expanded product line, including environmentally friendly vehicles.