NEW YORK -- A federal bankruptcy judge approved the sale of most of Chrysler's assets to Italy's Fiat, moving the American automaker a step closer to its goal of a quick exit from court protection, according to The Associated Press.

Judge Arthur Gonzalez said in his ruling late Sunday that a speedy sale - the centerpiece of a restructuring plan backed by President Barack Obama's automotive task force - was needed to keep the value of Chrysler from deteriorating and would provide a better return for the company's stakeholders than if it had chosen to liquidate.