Chrysler Heads To Court For Key Bankruptcy Hearing

By: Associated Press Email
By: Associated Press Email

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Wednesday, May 27, 2009

Chrysler is heading to court today to ask a bankruptcy judge for permission to sell the bulk of its assets to a group headed by Italy's Fiat.

Attorneys for Chrysler say that the deal is the company's only hope to avoid being sold off piece by piece.

But more than 100 objections have been filed by the automaker's dealers, bondholders, former employees and others.

If there's no done-deal by June 15, Fiat could back out.

On Tuesday, Chrysler avoided a possible roadblock to the sale. A federal judge ruled that a legal review of its bankruptcy proceedings was not needed before the sale hearing could take place.

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