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Bankruptcy
: Credit SlipsChrysler & Credit Bidding, Again
By Stephen Lubben
At the hearing tonight, the government has asserted that they told the representative of JP Morgan Chase, the lead bank among the senior lenders, that if they did not like the proffered deal, the senior lenders could credit bid. If true, and I assume that it is, why didn't the administration make this fact known weeks ago? The lack of transparency on this point simply served to increase fears that the government was throwing its weight around in the negotiations.
Full post as published by Credit Slips on May 29, 2009 (boomark / email).
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