There is no reason whatever for any other party to the proceeding to agree to any part of it. It offers no one else anything (the UAW gets less, just something so they don't all walk). "Why don't you all give everything to me?" is the "proposal", in substance. To call it a proposal is being charitable. They have no answer as soon as the suppliers, banks, and treasury say "on those conditions, we will not deal with the new entity, nor lend it a dime".
Their underlying problem is simple. They offer *nothing* to the new firm. Not management, not expertise, not capital, not labor, nor funding, not equipment, nothing.
If it were me I'd lower then offer to them 1 cent a day until they took it or it hits zero, and then do the deal without the old company at all.
The bond holders wnat to get in front of a bankruptcy judge, and they will. This promises to be interesting.
This is so, or else the deal would be done now. I get a kick out of the histrionics of Obama. I want to see more of that!!!!
We are getting to see Zero's true politics now, he can't keep them in the closet any longer.
Oooooooh Iwouldn't go so far as to say that.LOL.
I bet the hedge crowd could do a lot better job running Chrysler than the Union/government cadre.They would want it to make a profit. The Unions and "givernment" aim to make sure Chrysler never makes a profit ever again.
Not only that, they might even sell their stake to China, a move that would ensure Chryslers future success.