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WASHINGTON (MarketWatch) -- The Treasury Department said Friday it set up a new company to succeed Chrysler LLC. The new company, NewCarCo Acquisition LLC, is based in Wilmington, Del. On Wednesday, Treasury transferred $6.943 billion to the new company. Chrysler is in bankruptcy court seeking approval for a sale to Fiat SpA. Earlier, White House spokesman Robert Gibbs said the Obama administration is hopeful that the court will soon allow Fiat to complete its purchase of Chrysler.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.

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