Old Carco seeks waiver of plan condition; emergence expected Friday

By Caroline Salls

Pittsburgh, April 27 - Old Carco LLC, formerly Chrysler LLC, is seeking court approval to make a technical amendment to its confirmed plan of liquidation that would allow waiver of a requirement that the confirmation order be a final order before the plan can take effect, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Under the proposed amendment, the final order condition could be waived "in whole or in part" at any time upon the consent of the company, the government debtor-in-possession lenders, the first-lien agent and Old Carco's official committee of unsecured creditors.

The company said the plan is scheduled to take effect on Friday.

Old Carco was formerly Chrysler, an Auburn Hills, Mich.-based automotive company that filed for bankruptcy on April 30, 2009. Its Chapter 11 case number is 09-50002.

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