GM, Chrysler and Auto Task Force officials meet with Rep. Steny Hoyer (D-Md) to resolve dealer closure issues. Compromise may be in the works, though Obama administration does not want Congress to meddle in restructuring plans for the companies.

GM, Chrysler and Auto Task Force officials meet with Rep. Steny Hoyer (D-Md) to resolve dealer closure issues. Compromise may be in the works, though Obama administration does not want Congress to meddle in restructuring plans for the companies.

A federal bankruptcy judge late Tuesday approved Chrysler LLC's plan to immediately close 789 of its nearly 3,200 dealerships.

Chrysler Dealers get another week to transfer remaining inventory. New deadline is June 15.

Chrysler creditors argue that speedy decision not necessary from the Supreme Court because Fiat chief says company "will not walk away" from the deal, that "we should let the process work out."

Chrysler is losing $100 million a day, but it will have likely to wait until after June 5 before it can complete its sale to Fiat. A federal appeals court in New York will hear the appeal of a group of creditors challenging the sale on that date and it is not expected to rule on their petition until the following week.