More Chrysler dissident secured lenders named

Wed May 6, 2009 12:29pm EDT
 
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NEW YORK (Reuters) - Group G Partners LP and Schultze Master Fund Ltd are included in a group of secured lenders that oppose Chrysler's plan to use the bankruptcy process to quickly sell itself, according to court documents.

The group, which also includes Foxhill Opportunity Master Fund LP, asked the court to keep their fund names unpublished, saying they feared harm to their professional reputations or even their families, but the judge in the bankruptcy case ordered the participants be revealed.

Members of the group, led by Oppenheimer Funds and Stairway Capital, have declined to restructure their debt at a steep discount, coming under criticism from U.S. President Barack Obama and others who say the group is standing in the way of the company's rapid restructuring.

The group said the bidding process for Chrysler's assets is "designed to prevent, not encourage, competitive bidding" and does not maximize the sale price.

The U.S. automaker filed for bankruptcy protection on April 30.

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 Steve Orlofsky)

 

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