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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: Fiat motors on to build auto giant AFP - Thursday, May 7 MILAN (AFP) - - Fiat stood by its grand plan for a global auto giant on Wednesday, denying that its move to rescue Opel would cost 18,000 jobs, while a US judge cleared an obstacle to its tie-up with Chrysler. ADVERTISEMENT The Italian company forcefully denied a report in a German newspaper that it planned the job cuts and would close or scale down 10 factories in Europe if it reaches a deal with stricken US automaker General Motors. "The Fiat Group clearly states that it (the report) is not information generated by Fiat and does not form part of any plan prepared by Fiat," it said. Meanwhile, Fiat's drive to become the world's second-biggest automaker after Toyota moved up a gear on Wednesday when a US judge approved the rapid sale of bankrupt Chrysler. But Fiat's plans to forge deals with Chrysler and GM have met fierce resistance. While Chrysler lenders object to a US government-backed restructuring plan for the Detroit-based company, unions fear Fiat will slash jobs in its efforts to take over GM's European operations, including at its subsidiary Opel. The report in Frankfurter Allgemeine Zeitung newspaper on Wednesday, purportedly based on a leaked internal document, could only feed those fears. Elsewhere, after a near eight-hour hearing at a New York bankruptcy court on Tuesday, Judge Arthur Gonzalez rejected arguments from a group of Chrysler lenders who have denounced the restructuring plan as illegal. Gonzalez told a packed federal courtroom the plan was "a fair and ordinary process," stressing the "urgent need for the sale to be consummated." Fiat lawyer Hydee Feldstein said the deal with Fiat would create "a phoenix rising from the ashes." Although Fiat now looks on track to rescue Chrysler from collapse, Gonzalez said that other bidders had the opportunity to compete. Parties have until May 20 to present their offers before the court makes a final decision on May 27. The dates were extended by about a week in response to court arguments from the lenders that the Chrysler sale promoted by President Barack Obama's administration was unfair and left no time for competition. The Obama administration has set a June 1 deadline to reach a deal to keep Chrysler out of bankruptcy. Under the plan, Chrysler aims for a "surgical" bankruptcy to wipe out a portion of its debts, allowing the creation of a new company tied to Fiat which will obtain a big slice of shares in return for providing small-car technology. Lawyers backing the deal said there was no time to lose if Chrysler is to survive. "Chrysler is a wasting asset. Every day, we're talking about hundreds of millions of dollars," Chrysler lawyer Corinne Ball said. But Thomas Lauria, an attorney representing the group of dissenting lenders, countered that "not one witness has testified that the procedures are reasonable." The group had asked Gonzalez to keep their identities secret, saying they faced "threats" to their safety. However, Gonzalez turned down the application and ordered the creditors to reveal their identies by midday Wednesday. 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 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. Marchionne presented his plan to take over Opel to sceptical German government ministers on Monday. He said his group had no plans to close any of Opel's four factories in Germany, but he told the German daily Bild: "The workforce of course has to be reduced" in order to boost productivity. Germany is to make a decision on Opel's fate by the end of the month, according to German political sources. Berlin has called the Fiat project "interesting" while noting that the Canadian automotive components manufacturer Magna was also eyeing Opel. An Italian industry source said on Tuesday that Fiat was interested in taking over GM's Latin American operation. Email Story IM Story Printable View Blog This Enlarge Photo German carmaker Opel's logo is pictured in front of the logo of Italian carmaker Fiat in Borgsdorf, eastern Germany, May 4. Fiat stood by its grand plan for a global auto giant on Wednesday, denying that its move to rescue Opel would cost 18,000 jobs, while a US judge cleared an obstacle to its tie-up with Chrysler. 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