Sale Of Chrysler Greenlighted By Judge

A federal bankruptcy judge late Tuesday greenlighted Chrysler's plan to review and accept bids for the automaker's quick sale of the company, despite an objection raised by a state agency over Chrysler's workers' compensation obligations.

U.S. Bankruptcy Judge Arthur Gonzalez said there is an "urgent need for the sale to be consummated" and said the bidding process "provides a fair and orderly sale process."

He also agreed to give potential bidders another five days -- until May 20 -- to bid for Chrysler's assets and pushed back the date to hold a hearing to approve until May 27 -- one week behind the initial plan.

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dumpsty - 5/6/2009 12:23:08 PM

+1 Boost

Of course. We saw this coming even before the Ch11 filing. A speedy sale if vital to Chryslers recovery and ongoing operations as well as public perception that Chrysler is still a functioning automaker.

It will be interesting to see what assets are actually for sale and what gets purchased by whom. Rumors have indicated that the Wrangler was for sale. Why? To sell a nameplate over a brand (especially Jeep) would be a disaster for the buyer.