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	<title>News Vulture &#187; bankruptcy</title>
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	<link>http://www.newsvulture.com</link>
	<description>Focusing on Corruption in India. Bringing out the profiles most crooked in India.</description>
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		<title>Chrysler assets bidding approved by Judge</title>
		<link>http://www.newsvulture.com/2009/05/06/chrysler-assets-bidding-approved-by-judge/</link>
		<comments>http://www.newsvulture.com/2009/05/06/chrysler-assets-bidding-approved-by-judge/#comments</comments>
		<pubDate>Wed, 06 May 2009 12:00:07 +0000</pubDate>
		<dc:creator>Sunbird</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[bankruptcy]]></category>
		<category><![CDATA[Chrysler]]></category>
		<category><![CDATA[Fiat SpA]]></category>

		<guid isPermaLink="false">http://www.newsvulture.com/?p=476</guid>
		<description><![CDATA[A U.S. bankruptcy judge approved bidding procedures for the rapid sale of most of Chrysler&#8217;s assets, over objections from a group of lenders who called the accelerated timetable an &#8220;absurdity&#8221;. Judge Arthur Gonzalez, who is overseeing Chrysler&#8217;s bankruptcy case in Manhattan, said late on Tuesday, the proposed procedures were &#8220;appropriate and necessary&#8221; given that there is evidence that &#8220;there is an urgent need for the deal to be consummated.&#8221; The U.S. automaker, which filed for bankruptcy in New York on April 30, had asked for permission for a quick sale of most of its assets to a new company held by Italy&#8217;s Fiat SpA, a United Auto Workers union-aligned healthcare trust and the U.S. and Canadian governments.]]></description>
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		<title>Chrysler deadline ends today</title>
		<link>http://www.newsvulture.com/2009/04/30/chrysler-deadline-ends-today/</link>
		<comments>http://www.newsvulture.com/2009/04/30/chrysler-deadline-ends-today/#comments</comments>
		<pubDate>Thu, 30 Apr 2009 11:41:50 +0000</pubDate>
		<dc:creator>Sunbird</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Bailout]]></category>
		<category><![CDATA[bankruptcy]]></category>
		<category><![CDATA[Barack Obama]]></category>
		<category><![CDATA[Chrysler]]></category>
		<category><![CDATA[Fiat]]></category>
		<category><![CDATA[Fiat SpA]]></category>
		<category><![CDATA[President Obama]]></category>
		<category><![CDATA[U.S. Automakers]]></category>
		<category><![CDATA[U.S. Treasury]]></category>
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		<description><![CDATA[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 talks between the U.S. Treasury Department and lenders collapsed. This meant bankruptcy for Chrysler was &#8220;all but certain&#8221;, the report said, citing those sources. Earlier in the evening, U.S. President Barack Obama said concessions by Chrysler&#8217;s unions and its major bank lenders had made him more hopeful than a month ago that the struggling automaker could be made viable. But he added it was still not clear if Chrysler would need to seek bankruptcy protection to cement concessions from its lenders and move ahead with a planned alliance with Italy&#8217;s Fiat. &#8220;The details have not yet been finalized so I don&#8217;t want to jump the gun, but I&#8217;m feeling more optimistic than I was about the possibilities about that getting done,&#8221; Obama said at a news conference. The White House has set a series of aggressive targets for Chrysler in order to justify another [...]]]></description>
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		<title>Chrysler preparing to file Bankruptcy</title>
		<link>http://www.newsvulture.com/2009/04/24/chrysler-preparing-to-file-bankruptcy/</link>
		<comments>http://www.newsvulture.com/2009/04/24/chrysler-preparing-to-file-bankruptcy/#comments</comments>
		<pubDate>Fri, 24 Apr 2009 13:33:02 +0000</pubDate>
		<dc:creator>Sunbird</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[World News]]></category>
		<category><![CDATA[bankruptcy]]></category>
		<category><![CDATA[Barack Obama]]></category>
		<category><![CDATA[Chrysler]]></category>
		<category><![CDATA[Fiat]]></category>
		<category><![CDATA[General Motors]]></category>
		<category><![CDATA[President Obama]]></category>
		<category><![CDATA[U.S. Automakers]]></category>
		<category><![CDATA[U.S. President]]></category>

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		<description><![CDATA[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&#8217;s lenders can be reached, Chrysler would file for bankruptcy protection to rid itself of some liabilities. That would let Fiat pick and choose which operations it wants, these people said. The U.S. government would provide bankruptcy financing while the reorganization plays out. The United Auto Workers union is on board with the plan and likely would end up owning a sizable stake in the restructured car maker, said these people. A relatively orderly bankruptcy filing along these lines would represent a measure of success for the Obama administration. But if a deal with Chrysler&#8217;s banks and Fiat cannot be reached, the company would begin the process of liquidation, with assets potentially sold to many buyers or shut down, said these people. Chrysler has shrunk radically in recent years but still employs 66,000 people in the U.S. Meantime, Fiat has begun talks with General Motors Corp. about joining forces in Europe and Latin America, [...]]]></description>
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