Hold on to your hats, folks: it looks like the federal government's one-two punch of bailout and bankruptcy may be working. At least in Chrysler's case.
When the company was shunted into court almost a month ago, the feds set a fairly ambitious turnaround schedule: they wanted to see Chrysler emerge from bankruptcy within 30 days, and as of today, most experts think that's going to happen. Judge Arthur Gonzalez seems inclined to approve the filing, which involves putting most of Chrysler's assets into a new company, which would then be sold to Fiat, the feds (both here and in Canada), and the UAW.
There have been some lingering objections to the restructuring, but the court hasn't yet ruled in their favor--mostly because Chrysler has persuasively argued that any delay in the proceedings will seriously damage its future viability. Plaintiffs have made another appeal in District Court and will be heard tomorrow; if that fails, chances are good that the bankruptcy case will wrap on Wednesday, with a ruling likely Thursday or Friday.
Whether or not you agree with the bankruptcy, the merger, or the feds' handling of both, you have to agree: it's nice to see things run on schedule.
[source: AutoNews, sub req'd]