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Old Chrysler seeks approval of $20 million sale of Michigan plant
By Lisa Kerner
Charlotte, N.C., Feb. 19 - Old Carco LLC, formerly Chrysler LLC, is seeking court approval of bid procedures to sell its Sterling Heights, Mich., assembly plant to New Chrysler for $20 million, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.
The property is pledged as collateral to secure the company's first-lien credit agreement.
A hearing on the proposed private sale is scheduled for March 11.
Old Carco, an Auburn Hills, Mich.-based automotive company, filed for bankruptcy on April 30. Its Chapter 11 case number is 09-50002.
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