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...
Posts Tagged ‘ Fiat SpA ’
Chrysler deadline ends today
April 30, 2009
By SunbirdChrysler 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...
Chrysler and Union enter Deal
April 27, 2009
By SunbirdU.S. automaker Chrysler showed signs of progress with its unionized workers in its battle to stay alive on Sunday with just days left to complete deals to slash labour and debt costs or face bankruptcy. No. 1 U.S. automaker General Motors is also restructuring in an effort to secure the government funding it needs...
