Chrysler chairman expects sale to be complete Friday

[Bozita]

Source: Detroit News

Thursday, May 28, 2009
Chrysler chairman expects sale to be complete Friday
Alisa Priddle / The Detroit News


New York -- Chrysler LLC Chairman Robert Nardelli created a stir in bankruptcy court here today when he testified that Friday is the day he expects the sale of the automaker's assets to a new company will be complete, regulatory approvals will be finalized and he will leave the company.

He said he plans to report to work at former employer Cerberus Capital Management LP Monday morning. Nardelli worked for Cerberus until July 2007. When the hedge fund bought a majority stake in Chrysler, Nardelli was asked to run the automaker, a post he assumed in August 2007.

During testimony on the second day of hearings to sell Chrysler's good assets to a group headed by Fiat SpA, Nardelli said he doesn't have an office ready at Cerberus, but added that didn't matter much because he'd be visiting clients away from the company's New York headquarters.

The Chrysler chairman said he expects regulatory approvals in the U.S. to be wrapped up Friday as well.

Read more: http://www.detnews.com/article/20090528/AUTO01/905280501/Chrysler-chairman-expects-sale-to-be-complete-Friday

[ProgressiveProfessor]

1. Another group of bond holders filed new objections and went over the bankruptcy court

to the circuit court. What became of that?

The secured creditors were really screwed in this one and the ramifications will be felt for some time. The GM ones are already posturing to not let it happen to them.

[SeeHopeWin]

2. Nothing did and nothing will...This is a done deal.

[ProgressiveProfessor]

3. That really is wrong...I was hoping the circuit court would address the illegal abrogation of the

rights of the secured creditors. They were mostly pension funds and such, not speculators as *someone* claimed.