Chrysler's auction plan gets go-ahead
China Daily | Updated: 2009-05-07 08:06
Chrysler LLC won bankruptcy court approval to auction most of its assets by May 27 with an offer from Italy's Fiat SpA as the lead bid in a deal that would create the world's sixth-largest automaker.
US Bankruptcy Judge Arthur Gonzalez approved Chrysler's auction plan yesterday in Manhattan, overruling an objection from a group of Chrysler's secured lenders that said the process was too influenced by President Barack Obama's administration and would distribute proceeds improperly.
"The court concludes the bidding procedures are appropriate and necessary," Gonzalez said in a ruling at about 11 pm Tuesday Manhattan time.
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