Chrysler LLC's creditors have sued Daimler AG, charging that the German automaker unlawfully stripped billions of dollars in assets from the U.S. carmaker before selling it to private equity firm Cerberus Capital Management LP. The suit claims that in the months leading up to the 2007 sale, Daimler undertook a restructuring of Chrysler that removed key parts of the company for little or nothing in return. Chrylser Group LLC, the new company created by the sale to the Fiat-led group, is not involved in the lawsuit.
August 19, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Chrysler LLC’s creditors have filed a lawsuit against Daimler AG charging that the German automaker unlawfully stripped billions of dollars in assets from the U.S. carmaker before selling it to a private equity firm.
In the suit, the creditors claim that in the months leading up to the 2007 sale of most of Chrysler to Cerberus Capital Management LP, Daimler undertook a restructuring of Chrysler that removed key parts of the company for little or nothing in return.
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