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Bankruptcy

: Credit Slips

42 Days and Out

By Stephen Lubben

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The Chrysler sale has closed.

Now the rejected dealers, underpaid secured lenders, and other unsecured creditors can file their proofs of claim and wait to see if there is anything left in "old Chrysler" to make any sort of a distribution.  If there is not some hope of value in the near term, we may be looking at a conversion to chapter 7.

My own research shows that liquidation in chapter 11 is highly preferable for the unsecured creditors, as the mean and median distribution in chapter 7 is 0%.  Of course, that option is only available if there are funds to pay for it -- Jones Day is not going to work for free.

Full post as published by Credit Slips on June 10, 2009 (boomark / email).

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