GMAC has issues with some details in a possible agreement to provide
financing to Chrysler dealers and customers, attorneys for Chrysler and
Chrysler Financial said on Tuesday, and the objections have delayed a
hearing on whether GMAC can provide the financing.
(We are) advised that GMAC has some issues, we actually are working
with GMAC on those issues, said Martin Bienenstock of Dewey &
LeBoeuf, which is representing Chrysler Financial.
The hearing on
whether GMAC may provide wholesale, retail and other product-related
financing for an initial four-year term was delayed until 1 p.m. EDT.
are speaking out about outstanding issues -- waivers and releases (that
we) believe are relevant to this deal, said Kevyn Orr, a partner for
law firm Jones Day, which is representing Chrysler.
The case is In re: Chrysler LLC, U.S. Bankruptcy Court, Southern District of New York, No. 09-50002.