Chrysler's dissident lender group withdraws objections
Well, last week was sound and fury, this week it's in with a bang and out with a whimper. After the bankruptcy judged instructed the group to disclose all of its members, around 15 pulled out. They apparently were hedge funds who shun the limelight. That left five debtholders owed $295 million, until Oppenheimer and Stairway pulled out. That left just three parties, a lawyer for whom admitted, "It reached a point where we didn't have a significant enough group, and it wasn't sensible to proceed."
This removes one of the last obstructions to Chrysler's precision bankruptcy and tie-up with Fiat. Now it's on to dealers and suppliers, and that little issue of product line-up.
[Source: Automotive News - Sub. Req.]
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