The reorganization of Chrysler is vital to its survival. The sooner that can be accomplished the better.
I wonder. Did the 20 Hedge and Investment Funds get Bush/Paulson Bailout money? Then what are they complaining about?
Keep people working in production of autos the American Consumer wants !
Chrysler in court to steer its way out of bankruptcy (click here)
May 3, 2009
A MANHATTAN court has given Chrysler permission to keep paying staff as the bankrupt US car maker struggles to overcome mounting dissent over its restructuring plans from unhappy lenders.
Chrysler presented first-day motions to judge Arthur Gonzalez, a bankruptcy veteran who presided over cases relating to the collapse of Enron and WorldCom.
The procedure is necessary to allow the third-largest US motor manufacturer to stay in business by meeting short-term cash obligations to customers and dealers.
But the Obama Administration's plan for a "surgical" bankruptcy, taking only 30 to 60 days, could be complicated by vocal objections from about 20 hedge funds and investment funds that intend to contest plans to write off two-thirds of the company's $US6.9 billion ($9.5 billion) debt....
