28-05-2009, 12:06 PM
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#31
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IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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http://news.theage.com.au/breaking-n...0528-bo83.html
Quote:
Chrysler bankruptcy ruling due soon
May 28, 2009 - 10:29AM
A US judge said after a day of hearings on Wednesday he did not expect to issue a ruling on Chrysler's fast-track bankruptcy and tie-up with Italian auto giant Fiat before Thursday.
Judge Arthur Gonzalez said after eight hours of testimony at the US Bankruptcy Court in New York that the long list of remaining witnesses meant the process could not be finished before Thursday, possibly Friday.
If he approves the fast-track plan, a new Chrysler could emerge within days, according to President Barack Obama's administration, which is spearheading the plan and providing emergency funding.
Chrysler auto dealers, many of whom face being shut down, and creditors are among opponents to the Chrysler-Fiat deal.
The developments at Chrysler are seen as critical for General Motors, which is also living off government loans and scrambling ahead of a June 1 deadline that will likely lead to a bankruptcy filing.
© 2009 AFP
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Daniel
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