Chrysler bidding approved for rapid sale

The sale of Chrysler’s assets could be set to move along very quickly now, as a U.S. bankruptcy judge has approved bidding procedures for the rapid sale of most of the automakers assets. There were objections from a group of lenders; they said that the accelerated timetable was an “absurdity”.

According to reports from Reuters, Judge Arthur Gonzalez is overseeing Chrysler’s bankruptcy case in Manhattan; he said that the proposed procedures were “appropriate and necessary.” Chrysler filed for bankruptcy in New York on April 30.

The U.S. automaker asked for permission for a quick sale of most of its assets to a new company that is held by Italy’s Fiat SpA, as well as U.S. and Canadian governments and a United Auto Workers union-aligned healthcare trust.