There was a minority group of some 20 Chrysler lenders that were fighting the repayment arrangements Chrysler was trying to make before Chrysler declared bankruptcy. Led by Oppenheimer and Stairway Capital, they were owed $2.9 billion and didn't feel they were getting all they could. After Chrysler declared bankruptcy the group continued to fight the repayment arrangements, saying they were owed more remuneration as holders of secured debt.
- John Neff
- May 4, 2009
The same creditors who President Obama scolded last week for preventing Chrysler from restructuring outside of bankruptcy have filed objections in bankruptcy court against the automaker's plan to reemerge as a new company owned in part by Fiat. Chrysler has about $6.9 billion in debt that it owes to banks and hedge funds, and those entities who hold the I.O.U. for $4 billion of that debt have already agreed to accept $2 billion and walk away happy with the knowledge that it's better than nothing
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