06/04/2009 05:12 am ET Updated May 25, 2011

Creditors Object To Chrysler Deal

NEW YORK (AFP) -- A group of Chrysler creditors objected Monday to the struggling automaker's bid for a quick restructuring, calling it an illegal bid by the government that violates constitutional property rights.

The objections set up a showdown that challenges the effort led by the US government to save Chrysler through a "surgical" bankruptcy reorganization that clears away key debts and creates a new firm in partnership with Italy's Fiat.

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