Chrysler’s bankruptcy process could take as long as two years, rather than the two months suggested by President Barack Obama, a US administration official has said.
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The official said the 60 days Obama projected at his press conference on 30 April announcing Chrysler’s bankruptcy applied to the sale of the automaker’s best assets to a new entity, news agency reports said.
Creditors would then fight over unwanted factories and other assets to recover money, the reports cited lawyers as saying.
Chrysler has now obtained bankruptcy court approval to proceed with a rapid sale of most of its assets to a new company held jointly by Fiat, a United Auto Workers union-aligned trust and the US and Canadian governments, the reports noted.
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