GM and Chrysler’s bankruptcy cases at a glance
A summary of developments in the Chapter 11 bankruptcy cases of General Motors Corp. and Chrysler Group LLC
GENERAL MOTORS — DAY 37
WHERE DOES IT STAND?: Tuesday marked Detroit-based GM’s 37th day under bankruptcy court protection.
On Tuesday, a group representing people with product liability claims filed a motion asking that their appeal of U.S. Judge Robert Gerber’s approval of GM’s asset sale plan be fast-tracked to the 2nd Circuit Court of Appeals, skipping district court.
In addition, a group representing people with asbestos-related claims against the automaker filed a motion asking that GM’s sale be put on hold until their appeal can be heard by a federal district court judge.
But in a hearing late Tuesday, Gerber denied both motions.
The judge issued a ruling late Sunday approving GM’s sale plan and the two groups both filed appeals the next day.
WHAT’S NEXT?: GM’s sale is set to close Thursday. Objectors still have until noon Thursday to file papers.
WHERE DOES IT STAND?: Auburn Hills, Mich.-based Chrysler Group LLC on Sunday announced the remaining members of its new board of directors.
Chrysler plans to restart production at a northern Illinois plant and is recalling hundreds of workers.
Chrysler said employees have been asked to report for work at the automaker’s Belvidere, Ill., plant on Wednesday. The company said the plant will operate through Friday, then go into a two-week shutdown planned for all Chrysler factories.
The Belvidere plant assembles Dodge Calibers, Jeep Patriots and Jeep Compasses. It’s been idle since May 1, when Chrysler filed for Chapter 11 bankruptcy.
WHAT’S NEXT?: Chrysler, which emerged from Chapter 11 bankruptcy on June 11 under a new partnership with Fiat, said it expects to hold the first meeting of the new nine-member board on July 29.
Filed under Legal Proceedings, News | Tags: bankruptcy, Cases, Claim, Contracts And Orders, Detroit, Financing, Liability, North America, Ownership Changes, Product liability, Restructuring And Recapitalization, United States, Us-automakers-bankruptcy-glance | Comment Below