Obama applauds sale of Chrysler assets to Fiat

U.S. President Barack Obama says a court's decision to approve the sale of Chrysler's assets has given the automaker "a new lease on life."

A judge approved the sale of most of Chrysler's assets to Italy's Fiat on Sunday.

In a statement, the president said the deal will allow Chrysler to "successfully emerge from bankruptcy as a new, stronger, more competitive company for the future."

Chrysler filed for bankruptcy in April. The sale to Fiat means the company could be out of bankruptcy within the government's 30- to 60-day time frame.