Judge OKs procedures for sale of Chrysler assets | autos | Hindustan Times
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Judge OKs procedures for sale of Chrysler assets

The judge overseeing Chrysler’s Chapter 11 bankruptcy protection proceedings says the automaker can start taking steps toward selling the vast majority of its assets to Italy’s Fiat.

autos Updated: May 06, 2009 11:27 IST

The judge overseeing Chrysler’s Chapter 11 bankruptcy protection proceedings says the automaker can start taking steps toward selling the vast majority of its assets to Italy’s Fiat.

Judge Arthur Gonzales says the procedures proposed by Chrysler’s lawyers represent a “clear and orderly process.”

Attorneys for Auburn Hills, Michigan-based Chrysler LLC argued that the automaker had essentially been up for sale for most of the last two years and a speedy sale was needed in order to preserve the value of the company’s assets.

But those representing a dissident group of Chrysler lenders said more time was needed for other potential buyers to do the research they needed to make an appropriate offer.