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.
Parties 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.
(Reporting by Chelsea Emery, editing by Matthew Lewis)