Court OKs Chrysler’s sale to Fiat, but Supreme Court appeal likely; GM to spend $2B on Delphi

GM and Chrysler’s bankruptcy cases at a glance

A summary of developments in the Chapter 11 bankruptcy cases of General Motors Corp. and Chrysler Group LLC

GENERAL MOTORS — DAY 37

WHERE DOES IT STAND?: Tuesday marked Detroit-based GM’s 37th day under bankruptcy court protection.

On Tuesday, attorneys for two groups appealing U.S. Judge Robert Gerber’s approval of GM’s plan to sell the bulk of its assets to a new government-controlled company filed motions asking that their appeals be fast-tracked to the 2nd Circuit Court of Appeals.

Late Sunday, Gerber approved GM’s sale plan. Separate groups representing people with product liability claims and asbestos-related claims against the automaker subsequently filed appeals.

WHAT’S NEXT?: GM’s sale is set to close Thursday, but the appeals could delay that. Objectors have until noon Thursday to file papers.

CHRYSLER

WHERE DOES IT STAND?: Auburn Hills, Mich.-based Chrysler Group LLC on Sunday announced the remaining members of its new board of directors.

Chrysler plans to restart production at a northern Illinois plant and is recalling hundreds of workers.

Chrysler said employees have been asked to report for work at the automaker’s Belvidere, Ill., plant on Wednesday. The company said the plant will operate through Friday, then go into a two-week shutdown planned for all Chrysler factories.

The Belvidere plant assembles Dodge Calibers, Jeep Patriots and Jeep Compasses. It’s been idle since May 1, when Chrysler filed for Chapter 11 bankruptcy.

WHAT’S NEXT?: Chrysler, which emerged from Chapter 11 bankruptcy on June 11 under a new partnership with Fiat, said it expects to hold the first meeting of the new nine-member board on July 29.