Chrysler Objects To PPI Assets Sale

Law360, New York (February 19, 2009, 12:00 AM EST) -- Chrysler LLC is leading objections to auto supplier Precision Parts International LLC's assets sale, claiming the debtors have not properly addressed counterparty contracts possibly up for auction next week.

On Wednesday, Chrysler filed an objection in the U.S. Bankruptcy Court for the District of Delaware, maintaining that PPI has failed to provide the required assumption and assignment notices related to the sale, and given no assurance the future assignee will be able to fulfill the contracts.

PPI supplies auto parts to Chrysler and enjoys a purchasing...
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