Chrysler Bankruptcy End Near; Trial Run for GM's
May 27, 2009

Chrysler is close to emerging from bankruptcy, well ahead of the 30 to 60 days the U.S. government had promised when it entered April 30.

Chrysler was widely seen as the trial run for the even bigger and more complex Chapter 11 bankruptcy filing by General Motors, likely to come within days, if not hours.

A major step forward toward the end of Chrysler's bankruptcy comes Wednesday when federal bankruptcy Judge Arthur Gonzalez in New York considers a motion to sell most of Chrysler's assets to a new Chrysler under the control of Italy's Fiat.

The judge's expected approval would result in one of the biggest and fastest bankruptcy proceedings of its kind. Of course, Chrysler's bankruptcy -- as would be GM's -- would be unprecedented because of the intense involvement of the U.S. government, which has been criticized by business and some bankruptcy experts.

Posted by Michelle Krebs at 7:04 AM under Chrysler , GM , News | Comments (0) | digg this | Seed Newsvine

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