A U.S. bankruptcy judge has approved bidding procedures for the rapid sale of most of bankrupt vehicle maker Chrysler's assets.

Chrysler had asked for permission for a quick sale of most of its
assets to a new company held by Italy's Fiat SpA, a United Auto Workers
union-aligned healthcare trust and the U.S. and Canadian governments.

Following are key developments at Chrysler since U.S. private equity
firm Cerberus Capital Management bought a controlling stake in 2007:

May 2007 - Germany's Daimler AG agrees to sell 80.1 percent of
Chrysler to Cerberus for $7.4 billion, keeping a 19.9 percent stake.

September 2008 - Daimler confirms talks with Cerberus to sell its remaining 19.9 percent stake in Chrysler.

November 7 - South Korea's Hyundai Motor Co holds talks with Cerberus about a potential acquisition of the Jeep brand.

November 26 - Cerberus demands more than $7 billion from Daimler
over losses that followed its 2007 acquisition of Chrysler. Daimler
says the claim is baseless and has complicated talks to sell its
remaining 19.9 percent stake.

January 2, 2009 - Chrysler receives an initial $4 billion emergency government loan.

January 14 - Chrysler says it would not sell an individual brand
like Jeep, in response to reports of talks to sell assets to
Renault-Nissan and auto parts supplier Magna International.

January 20 - Italy's Fiat unveils a preliminary deal to take a 35
percent stake in Chrysler in exchange for access to its technology and
overseas markets.

March 30 - The Obama administration's autos task force rejects
Chrysler's restructuring plan and warns it could be put through
bankruptcy to reduce its debts. It gives Chrysler 30 days to complete
an alliance with Fiat or risk being cut off from further government

April 13 - Chrysler and Fiat discuss a new management and board for the U.S. automaker under a proposed alliance.

April 21 - U.S. says that it will make about $500 million available to Chrysler for the end of April.

April 24 - Chrysler's lenders offer to cut the amount they are owed
in a proposal to the Obama administration. The lenders are now seeking
$3.75 billion in debt and a 40 percent equity.

April 28 - Daimler reaches a deal to exit its 19.9 percent Chrysler stake.

April 30 - Chrysler and Fiat confirm a global strategic alliance as
Chrysler files for Chapter 11 bankruptcy after talks with bondholders
to restructure its debt collapse.

A dissident group of about 20 lenders, holding about $1 billion in
Chrysler debt, are planning to object to the company's planned
bankruptcy sale, their attorney says.

May 1 - Chrysler idles plants, saying its survival depends on quick court approval of its restructuring plan.

May 4 - Chrysler wins interim approval from a U.S. bankruptcy court
to access a $4.5 billion loan from the U.S. and Canadian governments,
pushing it further along toward its planned sale to Fiat.

May 5 - A bankruptcy court approves bidding procedures for the rapid
sale of most assets. The ruling comes over the objections of a lender
group which had asked the court to block Chrysler's efforts to sell