Non-TARP Lenders Drop Chrysler-Fiat Objections

Law360, New York (May 8, 2009, 12:00 AM EDT) -- The five remaining creditors objecting to the out-of-court restructuring of Chrysler LLC announced Friday that they were dropping their fight to block the proposed sale of the bankrupt automaker's assets to Italian car company Fiat SpA.

Also on Friday, Judge Arthur J. Gonzalez of the U.S. Bankruptcy Court for the Southern District of New York filed an order approving the bidding procedures for the Fiat sale, setting a sale hearing date of May 27 and a deadline for objections or other bids of May 20. Judge...
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