New opposition to Chrysler LLC's restructuring plan emerged as Indiana pension funds holding Chrysler senior debt filed objections to the plan, saying the U.S. government's involvement had "infected" the company's bankruptcy.
The opposition was led by the Indiana State Teachers Retirement Fund, the Indiana State Police Pension Trust and the Indiana Major Moves Construction Fund, which together own about $42.5 million of Chrysler's $6.9 billion in secured debt, according to the funds' lawyer.
The funds are unhappy the government put together a restructuring that will give secured creditors only 29 cents on the dollar. Chrysler unsecured creditors ranking below them -- namely the United Auto Workers union -- will recover more.
Wednesday, May 20, 2009
Obamalaw vs The Constitution
WSJ: Chrysler Plan Faces New Foes
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