Comment

UAW Will Own 55% of Chrysler

69
littleoldlady4/28/2009 12:32:49 pm PDT

re: #52 Shr_Nfr

They might declare an expedient bankruptcy…

In a Chapter 11 bankruptcy, creditors that represent more than two-thirds of the debt can approve plans without unanimous consent from the holdouts, said Don Workman, a bankruptcy lawyer at Baker & Hostetler LLP in Washington. If some of the lenders balk to try to get a better recovery, they could be forced into a less favorable deal and legal fees, he said.