Thursday, May 28, 2009
Chrysler's CEO takes the stand today as the company works to convince a New York bankruptcy judge a deal with Fiat can save it from liquidation.
The automaker is in the midst of its second day of testimony and the judge says he's ready in case the hearing spills over into tomorrow. Yesterday, the judge listened to nine hours of testimony on Chrysler's proposed deal with Fiat. The automaker needs Judge Arthur Gonzalez to approve the sale despite protests from a group that holds less than 1 percent of Chrysler's secured debt.
If the sale is approved, the automaker could emerge from bankruptcy protection within weeks.
Today's testimony includes arguments from dissenters to the deal. Chrysler says the sale is the only way to keep the company from being sold off for parts.