SOURCE: Brock Fiduciary Services LLC
NEW YORK, NY--(Marketwired - Jan 21, 2014) - Brock Fiduciary Services is pleased to confirm that the sale of the UAW Retiree Medical Benefits Trust's equity interest in Chrysler Group LLC to Fiat North America LLC was completed today, January 21. In a series of transactions, the Trust will receive a total of $4.35 billion, of which $3.825 billion was received today. These amounts will be used to provide additional funding security for the health benefits for UAW Chrysler retirees and their dependents.
"Brock Fiduciary Services is privileged to have acted as the Independent Fiduciary to the UAW Retiree Medical Benefits Trust in enabling the Trust to realize the value of its equity investment in Chrysler," said Charles Brock, Chairman and CEO of Brock. "We reached a successful conclusion that will benefit the Trust's retirees," said Robert Naftaly, chair of the Committee that governs the Trust. "This was always our goal. As a result, the Trust is stronger."
The UAW Retiree Medical Benefits Trust is the largest non-governmental purchaser of retiree health care benefits in the United States, providing health care benefits to over 777,000 UAW retirees and dependents from General Motors, Ford and Chrysler. UAW-represented Chrysler retirees, surviving spouses and dependents, number 117,000; in addition, the Trust will provide post-retirement benefits to eligible UAW-represented Chrysler employees and their dependents upon their retirement.
About Brock Fiduciary Services
Brock Fiduciary Services is an independent fiduciary that is currently managing over $20 billion of assets. Brock has full discretionary control to manage the UAW Retiree Medical Benefits Trust's interests in General Motors' common stock, warrants, and preferred stock; and remaining interests in Chrysler's unsecured debt. Recently, Brock helped AT&T design a preferred security in connection with a $9.5 billion contribution to its pension plan that is currently pending before the Department of Labor.
Additional information about Brock and the services provided by Brock is available at http://www.brockcapital.com/independent-fiduciary.