Chrysler Disclosure Statement OK'd Despite Protests

Law360, New York (January 21, 2010, 5:41 PM EST) -- Chrysler LLC castoff Old Carco has scored bankruptcy court approval of its disclosure statement in spite of a slew of objections from the U.S. trustee, the Michigan environmental authority and plaintiffs with millions in claims on the line.

Judge Arthur J. Gonzalez of the U.S. Bankruptcy Court for the Southern District of New York signed off on Old Carco's disclosure statement Thursday, saying it contained “adequate information” and paving the way for creditors to vote on the company's reorganization plan.

A confirmation hearing is scheduled for...
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