U.S. bankruptcy judge and Chrysler LLC’s bankruptcy

By: Peter Chubb | Posted: June 1, 2009 | No Comments
Filed under: Autos

Sometime today the U.S. bankruptcy judge who is overseeing the Chrysler LLC’s bankruptcy case will issues his opinion on the proposed sale of the automaker’s assets to the new company, which will be run by the Italian automaker, Fiat (FIA.MI).

This sale is part of a new Chrysler, as well as Fiat having a stake in the new company, U.S. and Canadian governments and labor unions also have a share, they have paid $2 billion to Chrysler’s bad lenders.

Reuters reports that plants and businesses would remain in the bankruptcy court, there are reports that some of the unsecured claims could end up with nothing. If the Chrysler LLC’s bankruptcy case is approved, then this will vindicate the White House. There have been many bankruptcy specialists who criticized them for setting what was thought to be an unrealistic goal.

In other auto new, General Motors Corp bankruptcy filing is planned for today, Monday

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