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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Chrysler begins court bid for quick bankruptcy exit AFP - Saturday, May 2 NEW YORK (AFP) - - Chrysler won approval Friday to continue funding operations as the ailing automaker launched its court bid for a quick restructuring to get a fresh start in partnership with Italian-based Fiat. ADVERTISEMENT The first hearing opened in federal bankruptcy court in New York before Judge Arthur Gonzalez, who has overseen complex cases including that of Enron and WorldCom. Rodriguez granted all six motions presented by Chrysler aimed at continuing operations and paying its employees during the bankruptcy process and set a new hearing for Monday. Under a plan announced Thursday by President Barack Obama, Chrysler aims for a "surgical" bankruptcy to wipe out a portion of its debts, allowing the creation of a new firm tied to Fiat to put the Detroit firm on the road to profitability. The new firm would be majority owned by the United Auto Workers union with small stakes by the US and Canadian governments, which would contribute some 10.5 billion dollars to the venture. Fiat would eventually be able to boost its stake to 51 percent after repaying the loans. The plan aims to complete the bankruptcy process within 30 to 60 days. Some Chrysler creditors complained at their treatment in negotiations ahead of the filing under Chapter 11 of the bankruptcy code. Oppenheimer Funds, one of the lenders that blocked an out-of-court deal, said that it rejected the government offers "because they unfairly asked our fund shareholders to make financial sacrifices greater than those being made by unsecured creditors." If a quick restructuring fails to materialize, observers warned, a protracted legal battle with creditors could deal a crippling blow to Chrysler. "The success of the bankruptcy will depend on how quickly Chrysler can execute it, and then exit it as soon as possible," said a research note from Rebecca Lindland and Aaron Bragman of the economics firm IHS Global Insight. "But questions remain about Chrysler's short-term viability, and what bankruptcy itself will do to Chrysler's sales, which were already down more than 40 percent in the first quarter of 2009." On Friday, the automaker reported a 48 percent drop in April sales from a year earlier to 76,682 new vehicless. Obama said that the new alliance and bankruptcy reorganization were among the "necessary steps" taken "to give one of America's most storied automakers, Chrysler, a new lease on life." "I have every confidence that Chrysler will emerge from this process stronger and more competitive," Obama said at a news conference. Douglas Bernstein, a Michigan bankruptcy lawyer who represents auto suppliers, said the 60-day time frame is "highly optimistic." But an Obama administration official said that with the vast majority of stakeholders agreeing to a deal, "our judgment is that no judge is going to override that kind of support." Chrysler said most of its plants will be idled until the transaction is complete but workers would continue to be paid, dealerships would remain open and car warranties would be honored. Under the plan announced by Obama and the Canadian government, Fiat will initially take a 20 percent stake in the firm that would rise to 35 percent and could reach 51 percent as early as 2013 if Chrysler is able to repay its government loans. Fiat would pay nothing, but would provide access for Chrysler to its technology, notably for smaller, more economical vehicles. The reorganization envisions no further job cuts or plant closings, and could allow Chrysler to grow as it expands globally under the Fiat partnership and gains new technology for smaller, fuel-efficient cars. According to the research firm Bankruptcydata.com, the Chrysler bankruptcy is the sixth largest in US history with 39.3 billion dollars in assets. Lehman Brothers was the largest last September with 691 billion dollars, followed by Washington Mutual in September 2008 (327.9 billion), WorldCom in 2001 (103.9 billion) Enron in 2001 (65.5 billion) and insurer Conseco in 2002 (61.4 billion). Email Story IM Story Printable View Blog This Recommend this article 5 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A Chrysler dealership in Miami, Florida. Chrysler won approval Friday to continue funding operations as the ailing automaker launched its court bid for a quick restructuring to get a fresh start in partnership with Italian-based Fiat. Most Popular – Top Stories Viewed Kenyan women to sex-starve men -- for politics Chrysler begins court bid for quick bankruptcy exit Swine flu spreads economic shivers ExxonMobil profit plunges 58 percent Britney's ex-manager forced to stay away from star View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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