Chrysler creditors want to sue Daimler AG
Creditors of the former Chrysler LLC have asked Judge Arthur Gonzalez, who continues to preside over the Chapter 11 bankruptcy of Old Carco, the company created to dispose of the automaker’s abandoned assets, for permission to sure former owner Daimler AG.
The group representing Chrysler’s unsecured creditors claim the German company stripped Chrysler of its most valuable assets during the transfer of a majority of Chrysler to Cerberus Capital Management two years ago. The assets in question were not identified but the group values them at more than $3 billion.
Daimler denies the charges, calling the claims “completely without merit” and a company spokesman says the German automaker will defend itself “vigorously.”
Judge Gonzalez set a hearing for August 13.
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