On August 5, 2009, the United States Court of Appeals for the Second Circuit issued an opinion setting forth the reasoning behind its June 2009 approval of the $2 billion sale of substantially all assets of Chrysler LLC to a newly-formed entity, backed by the United States Treasury Department and managed by the automobile manufacturer Fiat, under Section 363 of the Bankruptcy Code. This decision reaffirms precedent which established that a flexible standard which meets the needs of individual situations should govern Section 363 sale transactions. We discuss the factual background of the case and the court’s legal analysis.