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Funds move to halt Chrysler restructuring

hypocritexposer

Well-known member
Funds move to halt Chrysler restructuring

By Bernard Simon in Toronto and Nicole Bullock in New York

Published: May 20 2009 20:39 | Last updated: May 20 2009 20:39

Three of Chrysler’s secured creditors have asked a New York court to halt the carmaker’s Chapter 11 restructuring on the grounds that it violates their legal rights and the government’s authority under the troubled assets relief programme.

The three – all Indiana state pension funds – are among a group of 46 creditors that had appeared to back away this month from efforts to derail the process under which a “new” Chrysler would emerge from bankruptcy protection by July 1. The new entity would be owned by a union healthcare trust, the US government and Italy’s Fiat.

http://www.ft.com/cms/s/0/b3c8beb8-4564-11de-b6c8-00144feabdc0.html?nclick_check=1
 
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