Chrysler 363 Sale Approved - Judge G Says Not a Sub Rosa Plan
Late Sunday night (11:15 PM to be precise) Judge Gonzalez handed down his 47-page Opinion approving the sale of most of Chrysler's assets that had any value to Fiat.SpA . I haven't had a chance to read amd digest it yet, but it does address the sub rosa plan issue head-on. It does not appear to deal directly with the rejection of executory contracts such as the dealer franchises which was a critical part of the terms ot the contemplated sale, but presumably that won't be far behind. [UPDATE: Here is Final Order Approving Sale]. The Opinion also purports to give Fiat the protection of 363(m) which make an effective appeal difficult. Presumably, the actual Order from which any appeal would be made will be entered sometime today.
President Obama reportedly applauded the decisionsaying it gave Chrysler a "new lease on life" and would allow it to "successfully emerge from bankruptcy as a new stronger, more competititve company for the future." Click here for President Obama's complete statement.
Chrysler has filed a Motion seeking an immediate and expedited appeal DIRECTLY to the Second Circuit Court of Appeals, bypassing both the BAP and District Court where an appeal would normally head. Supportive pleadings have also been filed by Fiat and the UAW. there has been at least one objection.
.... Stay tuned - the fun's not over yet.
UPDATE: Appeal time has been reduced from customary 10 days to just 4 which would end on Friday June 5.
