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 | Judge paves way for Chrysler deal |
 ...
60? "60px": "auto" ); height:expression(do*****ent.body.clientHeight > 60? "60px": "auto" );' onload=this.style.filter='progid:DXImageTransform.Microsoft.Shadow(color=#000000,direction=135,strength=5)'>The judge overseeing the bankruptcy of Chrysler has taken a significant step toward allowing the sale of the ailing US automaker to Italian rival Fiat. Judge Arthur Gonzales rejected arguments from a group of Chrysler lenders, who wanted the deal blocked. He said that the plan was a "fair and ordinary" process and stressed the "urgent need" for a sale. The decision is seen as a victory both for Chrysler and for the US government, which has backed the plan. Chrysler has asked for permission for a quick sale of most of its assets to a new company held by Italy's Fiat , a United Auto Workers union healthcare trust and the US and Canadian governments. Objections A group of 20 lenders, including hedge funds, had said the plan would go against normal bankruptcy principles. BANKRUPTCY PROTECTION US bankruptcy protection is called Chapter 11 It gives US businesses time to rearrange their finances while continuing to trade, protected from their creditors After filing, it is up to the judge to decide who gets paid and how much, balancing the interests of all parties The judge holds hearings where all the...
Click here to read the content (Source BBC News)
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