The future for Chrysler LLC remains unknown after a hearing to sell its assets to a group headed by Fiat SpA ended late Wednesday evening without resolution.
During testimony in a packed Manhattan courtroom Wednesday, the value of the Auburn Hills automaker was central to arguments heard in U.S. bankruptcy court here. Lawyers for Chrysler said the sale of the assets was critical to the company’s future and that without approval by June 15, it would result in the liquidation of the company.
How will this play out? Will Fiat get what it wants? I believe they will, primarily because they seem to be the only company willing to take on Chrysler. Sure, Fiat will end up getting a lot of concessions. But, that’s what you get when you’re buying a ticket on the Titanic. If Fiat is willing to take on this problem child, they deserve some major breaks, the way I see it.
The hearing was to continue today before Judge Arthur Gonzalez. If he approves the sale of the assets, the new company, Chrysler Group LLC, will prepare to start operations to build and sell Chrysler, Dodge and Jeep vehicles as soon as possible.
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