Holdout Lenders Blast Key Chrysler Ch. 11 Motions

Law360, New York (May 4, 2009, 12:00 AM EDT) -- Chrysler LLC's plan to quickly sell assets to Fiat SpA on Monday ran into heated objections from a creditors group calling itself “the non-TARP lenders” that lambasted motions filed by the bankrupt automaker as unconstitutional.

In objections filed Sunday in the U.S. Bankruptcy Court for the Southern District of New York, the lenders took issue with Chrysler's bid for a quick sale to Fiat.

Chrysler's asset sale motion, filed Sunday, contemplates a $2 billion sale to Fiat in a deal crafted by the Italian automaker, the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.