Chrysler Wins Interim OK To Access $1.8B

Law360, New York (May 5, 2009, 12:00 AM EDT) -- Chrysler LLC has received interim approval to access $400 million in cash collateral and $1.4 billion of the $4.1 billion in post-petition financing that the U.S. government promised the troubled automaker as it navigates Chapter 11 proceedings that have already drawn objections from irate secured lenders.

Judge Arthur J. Gonzalez of the U.S. Bankruptcy Court for the Southern District of New York signed off Monday on two interim orders approving Chrysler's debtor-in-possession financing and use of cash collateral.

The final hearing on the cash collateral and...
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