Judge to decide on Chrysler-Fiat deal on Monday

30/05/2009 - 2:04

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By Tom Hals and Emily Chasan

NEW YORK (Reuters) - The U.S. bankruptcy judge overseeing Chrysler LLC's bankruptcy case said on Friday he would issue an opinion "sometime on Monday" on the automaker's proposed sale of most assets to a new company run by Italy's FIAT (F.IT)SpA.

The sale seeks to create a "New Chrysler" owned by Fiat , labor unions and the U.S. and Canadian governments, in exchange for $2 billion paid to its lenders.

Unwanted plants and businesses would remain in bankruptcy court, although the company's chief financial officer said some unsecured claims may get nothing.

If approved, the plan would vindicate the White House, which had been criticized by many bankruptcy specialists for setting a seemingly unrealistic goal of bringing the automaker's operations through Chapter 11 in as little as 30 days.

Opponents arguing against the sale included debtholders, rejected dealers, and product liability claimants. Chrysler has proposed closing 789 dealers, about a quarter of its network of franchises, and many of those dealers objected to the deal as well.

The case is In re Chrysler LLC, US Bankruptcy Court, Southern District of New York, No. 09-50002.

(Reporting by Tom Hals and Emily Chasan; Additional reporting by Chelsea Emery, and Ajay Kamalakaran; Editing by Steve Orlofsky, Gerald E. McCormick, Gary Hill)