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Chrysler Looking to Sell Delaware Plant

US-based former bankrupt automaker has requested approval to sell the Delaware production facility to the University of Delaware for $24.25 million and the hearing in bankruptcy court in Manhattan before Judge Arthur Gonzalez is scheduled for Nov. 12. The university hopes to use the former plant to expand its campus but it will also allow for expansion of university-based and corporate partnerships in health sciences and alternative energy.

"While other parties have continued to express interest in the property, no party has actually come forward with a higher and better offer," attorney's representing the Chrysler bankruptcy estate said in court papers.

Chrysler and the University of Delaware have been negotiating the sale since last year but the two parts signed a purchase agreement for the 272-acre site on October 24. The factory was initially in charge of SUV production, including Dodge Durango and Chrysler Aspen.

"The size of this parcel of land and its proximity to our main campus make this truly a once in a lifetime opportunity for the University of Delaware," UD President Patrick Harker said. "If approved, this purchase will allow for the expansion of UD's educational and research opportunities for all our students and the University community for generations to come."

"In addition to enabling us to dramatically reshape the gateway to the University campus from the south, it provides us with a wealth of options as we move UD forward on our Path to Prominence," he said. "We see great potential economic development and community infrastructure enhancement initiatives that will have a tremendously positive impact on the city, the state and the region."

A final decision is to be released by the court on November 12.
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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