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Lenders group objects to sale to Fiat

Lenders group objects to sale to Fiat

A dissident group of Chrysler lenders is objecting to the sale of the bulk of the automaker's assets to Italian automaker Fiat, saying that the proposed sale process is designed to prevent competitive bidding.
In an objection filed Tuesday, the lenders group says the proposed bidding procedures only give the appearance of legitimacy and don't maximize the sale price of the assets.
On Monday, the same group of lenders objected to a Chrysler LLC motion to allow the company to access $4.5 billion in bankruptcy financing, saying that it was too closely tied to the proposed sale.
Judge Arthur Gonzales was set to hear arguments on the proposed sale's bidding procedures at Tuesday afternoon's hearing.


Updated : 2021-06-23 15:52 GMT+08:00