Judge lets Chrysler access $4.5B in government loans; Some lenders oppose decision hoping they could make more money from a liquidation

Judge Arthur Gonzalez's ruling came at the end of a daylong hearing during which attorneys for some of Chrysler's lenders argued that he should deny the request for financing. The rest of Chrysler's secured lenders, dominated by several large banks that have received government assist...

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Bibliographic Details
Published inKitchener-Waterloo record
Main Author Tomoeh Murakami Tse
Format Newspaper Article
LanguageEnglish
Published Kitchener, Ont Torstar Syndication Services, a Division of Toronto Star Newspapers Limited 05.05.2009
Subjects
NEW YORK
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Summary:Judge Arthur Gonzalez's ruling came at the end of a daylong hearing during which attorneys for some of Chrysler's lenders argued that he should deny the request for financing. The rest of Chrysler's secured lenders, dominated by several large banks that have received government assistance in recent months, had supported the out-of-court deal, but it was not enough to keep Chrysler from filing for bankruptcy protection Thursday. [Tom Lauria] represents creditors who call themselves the ad hoc committee of "non-TARP lenders," those who have not received funding from the Treasury's Troubled Assets Relief Program.