Chrysler Gets Green Light For $5B In DIP Cash

Law360, New York (May 20, 2009, 12:00 AM EDT) -- A bankruptcy judge has signed off on up to almost $5 billion in debtor-in-possession financing, most of it funded by the U.S. government, for bankrupt auto giant Chrysler LLC.

Judge Arthur J. Gonzalez of the U.S. Bankruptcy Court for the Southern District of New York on Wednesday authorized Chrysler to execute the $4.96 billion debtor-in-possession credit facility largely being provided by the U.S. Department of the Treasury.

The judge also allowed Chrysler to pay essential supplier claims to the extent that those payments are consistent with...
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