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Latest update: 06/05/2009
- auto industry - Chrysler - Fiat - USA
US court clears way for Chrysler-Fiat deal
A US court approved Tuesday a fast-track sale plan proposed by the White House to shore up bankrupt carmaker Chrysler. This decision clears the way for a possible partnership with Italian manufacturer Fiat.
AFP - A US bankruptcy judge approved Tuesday a fast-track sale plan proposed by the Obama administration to shore up ailing automaker Chrysler, clearing the way for a possible partnership with Fiat.
At the end of a hearing that lasted nearly eight hours, federal bankruptcy judge Arthur Gonzales rejected the arguments from a group of Chrysler lenders who called "illegal" the restructuring plan unveiled last Thursday by the iconic US automaker and the government.
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Comments (3)
Fiat and Chrysler...
I think it would be a great partnership between Fiat and Chrysler. The new company will be focusing on smaller vehicles, areas in which Chrysler was weak. How about surpassing the leading mitsubishi parts vehicles too?
It's called "bankruptcy"
I've got news for An American: this is what happens in bankruptcy. Creditors who took a risk lending to a company that goes bankrupt get less than their whole debt. They may be lucky to get anything. Does it occur to you that maybe the law just isn't on the hedge funds' side? You really have more sympathy for these wealthy speculators than the people whose jobs were endangered because they wouldn't take the same deal as everyone else? If you really think this is impeachable, how about Bush's war crimes/ Did you call for impeachment for those? I somehow doubt it, but you want impeachment when you don't like how a court case turned out.
Obama and the Chrysler "deal"
Obama's designated flunky Arthur Gonzales has approved what in essence is a "writ of extent" in his kangaroo courtroom. A writ of extent is the seizure of property without due compensation to the property owner. What was seized in this proceeding were the retirement funds of individuals and public employee unions who invested in Chrysler's debt via the lenders who are currently fighting this illegal seizure. Writs of extent happen to be unconstitutional according to the American Constitution which is the basis of all federal law in the United States. Obama and his flunky Gonzales could be impeached over this.