Douglas Baird on Chrysler's Emergence from Bankruptcy
Could it possibly be this simple? Could the reorganization of Chrysler really be over just a month after it filed for bankruptcy protection?
The short answer is "yes," according to Douglas Baird, a professor at the University of Chicago Law School and one of the nation's leading bankruptcy experts. Judge Arthur Gonzalez of U.S. bankruptcy court in New York on Sunday approved the section 363 sale of Chrysler's best assets to a new management team headed up by Fiat, according to CNNMoney and the Washington Post. That new company, majority-controlled by the United Auto Workers, is now free to set up shop and do business, Baird says.