A group of investors are attempting to block a sale of bankrupt US carmaker
Courts put a hold on the sale of Chrysler to Fiat, the US and Canadian
governments and a United Auto Workers Trust after other investors complained
about how they had been treated, the FT has reported.
The investors – funds that hold $42m (£26.5m) of Chrysler’s $6.9bn in secured
debt – claimed they had been unlawfully ranked below other creditors such as the
UAW. They also said that the US government had overstepped its authority by
financially propping up the business.
Developments in the case could set precedents for General Motors, which filed
for Chapter 11 bankruptcy protection last week.
UK private investor Endless LLP acquires the high street retailer, saving 840 jobs
Mark McMullen joins the private client services team from Smith & Williamson
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February