Chrysler creditors to sue Daimler

• Source: Global Times
• [17:12 August 05 2009]
• Comments

Daimler denied saying that it sold a controlling stake in Chrysler to private equity firm Cerberus Capital Management in 2007.

Chrysler's creditors Monday said that they were seeking to recover more than $3 billion, and that recovery would be more than $2 billion paid to the creditors, equivalent to the value of certain unidentified Chrysler assets transferred in the 2007 deal.

Daimler spokesman Han Tjan said, "This is completely without merit and we intend to defend ourselves vigorously."

A judge has scheduled a hearing on the request by the creditors for August 13.

Agencies and Shi Jierui contributed to this story