A U.S. bankruptcy judge approved bidding procedures for the rapid sale of most of Chrysler’s assets, over objections from a group of lenders who called the accelerated timetable an “absurdity”.
Judge Arthur Gonzalez, who is overseeing Chrysler’s bankruptcy case in Manhattan, said late on Tuesday, the proposed procedures were “appropriate and necessary” given that there is [...]
Chrysler rushed to clinch deals with Fiat and a fractious group of lenders on Wednesday in a last-ditch effort to avoid bankruptcy ahead of a government-imposed April 30 restructuring deadline.
According to a report in the Wall Street Journal citing people familiar with the matter, those efforts hit a major roadblock late in the day as [...]
Chrysler LLC is preparing to file for Chapter 11 bankruptcy protection as soon as next week, whether or not it reaches a deal with its lenders or forges an alliance with Fiat SpA, said several people familiar with the matter.
If an agreement with the car maker’s lenders can be reached, Chrysler would file for bankruptcy [...]
