NEW YORK — A bankruptcy judge says he will rule by Monday on whether Chrysler can sell most of the company to a group headed by Italy’s Fiat.
U.S. Judge Arthur Gonzalez heard 11 hours of testimony and arguments Friday following marathon sessions the two previous days.
Chrysler says the only way it can avoid liquidation is through a deal where it would sell most of its assets to a group lead by Fiat Group SpA and create a new company.
But attorneys for a trio of Indiana state pension and construction funds opposed the sale, saying that Chrysler’s secured debtholders deserve more than the $2 billion that was offered for their $6.9 billion in debt.
If Gonzalez approves the sale, the funds are expected to appeal.
by the associated press
U.S. Judge Arthur Gonzalez heard 11 hours of testimony and arguments Friday following marathon sessions the two previous days.
Chrysler says the only way it can avoid liquidation is through a deal where it would sell most of its assets to a group lead by Fiat Group SpA and create a new company.
But attorneys for a trio of Indiana state pension and construction funds opposed the sale, saying that Chrysler’s secured debtholders deserve more than the $2 billion that was offered for their $6.9 billion in debt.
If Gonzalez approves the sale, the funds are expected to appeal.
by the associated press
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