Old Carco granted court approval of final confirmation order waiver

By Caroline Salls

Pittsburgh, April 28 - Old Carco LLC, formerly Chrysler LLC, received court approval to make a technical amendment to its confirmed plan of liquidation that would allow the waiver of a requirement that the confirmation order be a final order before the plan can take effect, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Under the amendment, the final order condition can be waived "in whole or in part" at any time at 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 in the motion that 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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