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Chrysler’s CEO Bob Nardelli said today that he expects the sale of the automaker’s assets to a new company to be completed by Friday. He said that regulatory approvals will be finalized and he will step down as the company’s CEO.

Nardelli said that he plans on returning to his former post at Cerberus Capital Management on Monday morning. Nardelli, who worked for Cerberus until July 2007, was asked to run Chrysler in August 2007.

He went onto explain that Chrysler’s financial troubles started late last year and put the company in a ”situation of not having enough liquidity to keep the doors open.”

He wrapped up his hearing saying that he favored keeping Chrysler independent, as opposed to the partnership with Fiat SpA.

Fiat will take a 35 percent share in Chrysler and will change the name of the new company to Chrysler Group LLC.

Source: Detroit News